By Adriano Marchese

G2 Goldfields shares were sharply higher in early trading Tuesday after the company said AngloGold Ashanti intends to make a 22.1 million Canadian dollar ($16.5 million) investment in the company

In recent trading, shares were over 16% higher at C$0.78. The stock is up more than 13% this year.

The Canadian miner said it will issue 24.5 million shares to the South Africa-based company, which will represent an 11.7% stake in G2 Goldfields.

G2 Goldfields said net proceeds of the investment will be primarily used to advance exploration activities at its Oko project in Guyana.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 19, 2023 10:11 ET (15:11 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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