12:15 PM EDT, 06/02/2025 (MT Newswires) -- Patagonia Gold ( HGLD ) Monday completed a US$40-million investment in its Calcatreu Project in Argentina by Black River Mine Inc, a company formed by by Argentine businessman Carlos Miguen, who holds a 43.2% stake in Patagonia.

Black River received 40-million preferred shares in Patagonia's PG Canada unit, priced at US$1.00 per share. Shareholders approved the financing at company's May 20 annual meeting.

Proceeds will be used for funding the development of the company's Calcatreu project and to pay fees and expenses incurred in financing the project.

The company's shares were last seen down $0.005 to $0.05 on the TSX Venture Exchange.