|SolGold PLC - AIM: SOLG.l carries a diverse portfolio of exploration projects in Ecuador, Solomon Islands and Australia.|
SolGold has been focused on the Andean Copper Belt in Northern Ecuador since 2012. The Cascabel Project is SolGold's flagship project.
Ecuador-focused miner SolGold (LON:SOLG) soared Friday after it announced it had raised $41.2 million through a shares placement backed by Newcrest International Pty Ltd, a subsidiary of Newcrest Mining (ASX:NCM), Australia's biggest gold producer. $40 million worth of shares were placed with Newcrest’s subsidiary, the company said, adding that the move will take Newcrest's holding in SolGold to 14.5% from 10%. The remaining $1.2 million has been placed with Ecuadorian investors, which SolGold said further endorses the market’s confidence in Cascabel, located in the northern portion of the Andean copper belt in Ecuador, renowned for hosting almost half the world’s copper known reserves.