Major shareholder La Mancha Investments has exercised its top-up right in G Mining Ventures, agreeing to additional stake worth about C$427-million in the Guyana project developer.
G Mining will issue 9 311 745 common shares to La Mancha at C$45.89 a share, enabling the investor to increase its ownership in the company to about 19.9%.
The subscription is expected to close on or about March 11, subject to customary conditions, including approval from the TSX.
“This additional investment by La Mancha further demonstrates its long-term support and its strong conviction in our ability to create shareholder value as we continue our evolution into a leading intermediate gold producer,” said president and CEO Louis‑Pierre Gignac.
Managing partner and chief investment officer Vincent Benoit added that the investment reflected confidence in the company’s performance and growth pipeline.
“The investment reflects that La Mancha continues to see significant value creation potential in the corporation. G Mining’s strong performance and execution to date have reinforced La Mancha’s original investment thesis.”
G Mining said the proceeds would help reduce reliance on debt linked to the development of the Oko West gold project in Guyana, while also supporting exploration, debt repayment and general corporate purposes.
The Oko West project remains on schedule for first gold production in the second half of 2027.