Lundin Gold wraps up $400 mln private placement

Vancouver-based mining company Lundin Gold Inc (TSX: LUG) has closed its previously announced $400 million private placement financing for its Fruta del Norte gold project in Ecuador. As a result of the deal, Newcrest Mining Ltd now owns 27.1 percent of Lundin shares, while U.S. mining private equity firm Orion Mine Finance Group owns 11.4 percent, and Zebra Holdings and Lundin Family Trusts collectively own 22.3 percent. Also, Lundin has nominated Orion's Istvan Zollei to its board of directors. Zollei is a portfolio manager at Orion and formerly worked at Barclay's Capital natural resource private equity investment group.

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