Eskay Mining Takes 19.5% Stake in Garibaldi Resources for C$10.78 Million

08:20 AM EST, 02/05/2021 (MT Newswires) -- Eskay Mining (ESK.V) on Friday said it agreed to acquire a 19.5% stake in Garibaldi Resources (GGI.V) from the Sprott Foundation for share units worth C$10.78 million.

The company said it is acquiring 23.7 million shares of Garibaldi in exchange for 4.21 million units, priced at C$2.56 and made up of a share and a two-year warrant to buy a second share for C$2.82.

Eskay said it took the 19.5% stake in Garibaldi for investment purposes and gave no further explanation for the acquisition.

Eskay shares closed up C$0.03 to C$2.82 Thursday on the TSX Venture Exchange, while Garibaldi closed down C$0.015 to C$0.39.

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