Rawhide Mining Receives Equity Investment
Fallon, NV (December 19, 2019) – Rawhide Acquisition Holding LLC, (“Rawhide” or the “Company”) a portfolio company of Coral Reef Capital, is pleased to announce that it has completed an equity financing to support its production ramp and future operations. The round included strategic investments from Austral Gold Limited (“Austral”) and EMX Royalty Corporation (“EMX”) as well as additional investment from affiliates of Coral Reef Capital. Both Austral and EMX will have representatives joining the Company’s Board of Directors, and plan to be meaningfully involved in the operations. Proceeds will be used for working capital, capital projects, and other general corporate purposes.
Austral’s Chief Executive Officer Stabro Kasaneva said, “I believe Rawhide is a project with considerable unlocked value. Austral is confident that we can leverage our experience from our mines to benefit the operations at Rawhide as well as significantly increase the mineral resource.”
David Cole, President and Chief Executive Officer of EMX, said, “Our strategic investment in Rawhide provides excellent economic potential, and the company has a strong dividend paying history.”
“With this new capital, Rawhide is well positioned to execute on its strategic plan of ramping up production and optimizing its operational and exploration potential,” said Marceau Schlumberger, Managing Partner at Coral Reef Capital. “We are excited to have Austral and EMX join us as investors and partners in Rawhide, and we look forward to leveraging their strategic and operational expertise to help the Company achieve its objectives.”
About Rawhide Mining
Rawhide is a privately held fully permitted intermediate scale open pit mine and heap leach facility producing gold in Mineral County, Nevada. Rawhide was formerly operated as a subsidiary of Kennecott Corp. prior to Coral Reef partnering with the Rawhide mine management team to acquire the property from Rio Tinto Plc.
About Coral Reef Capital
Coral Reef Capital is a New York-based private investment firm that focuses on private equity investments in the energy, materials, metals & mining, and business & industrial services sectors. For more information, please visit www.coralreefcapital.com.