On May 30, 2025, Patagonia Gold Corp. completed a strategic investment by Black River Mine Inc. Pursuant to the transaction, Patagonia’s wholly owned subsidiary, Patagonia Gold Canada Inc., issued an aggregate of 40 million preferred shares at a price of US$1.00 per share for total gross proceeds of US$40 million.
In connection with the investment, Black River Mine was granted certain rights, so long as it retains ownership of all of the preferred shares, including board representation in Patagonia Gold Canada and future investment rights, allowing Black River Mine the right to participate in new issuances of preferred shares or other equity securities by Patagonia Gold Canada.
Cassels acted for Patagonia.