Sage Gold raises $11.5 mln to advance Timmins mining project

Canadian mining company Sage Gold Inc (TSX-V: SGX) has completed an $11.5 million financing package with affiliates of Cartesian Capital Group, a U.S. private equity firm. The financing package, which includes an equity investment and a secured gold prepayment investment, will help fund the company's development of its flagship Clavos gold project in the Timmins mining camp. Toronto-based Sage also announced its buy of a 40 percent minority interest in Clavos from Kirkland Lake Gold Inc for $1 million.

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