Finland gold explorer Mawson Resources Ltd (TSX:MAW) is set for a C$8.1mln strategic investment from mining titan Goldcorp Inc (NYSE:GG).
The former has arranged a private placing in which Goldcorp will subscribe for 18mln units at a price of 45 cents each.
READ: Mawson Resources kicks off winter drilling work at Rajapalot gold project
Macquarie Capital Markets is acting as financial adviser to Mawson and will receive an advisory fee.
"We are very pleased to welcome Goldcorp as a strategic shareholder. With the support of both Goldcorp and our existing shareholders we will continue to aggressively explore our district-scale Rajapalot-Rompas gold project which represents one of Finland's most significant gold discoveries."
Each unit consists of one share and one-half a purchase warrant.
Each warrant is exercisable to acquire one further share at 65 cents each for two years.
Due to the exercise of pre-existing participation rights by certain existing shareholders, it is expected that up to a further 1mln units will be issued at the price for further gross proceeds of up to $450,000.
On completion of the placing, the firm and Goldcorp will enter an investor rights agreement where, for as long as Goldcorp holds 7.5%, or greater of outstanding shares, Goldcorp will have certain rights, including that it has the right to take part in any future equity financings by Mawson.
READ: Mawson Resources has Kairamaat 2-3 exploration permit at Rajapalot renewed
Last month, Mawson told investors it had started its 2018 winter diamond drilling program in northern Finland. A 15,000-metre drill programme is planned for the Rajapalot gold project aimed in part to provide a maiden resource, while a 900-hole base-of-till drill (BOT) program is now underway at the nearby Rompas site.
"Following the success of our diamond drilling at Rajapalot last winter, our Finnish team is excited to start the 2018 drill season with a large programme testing both new and existing gold targets," Michael Hudson, the chief executive, had said.
"We will be drilling more than a dozen new targets defined within our extensive geophysical, geochemical and geological datasets, while also expanding multiple known prospects where thick, high-grade gold intersections have already been discovered."
Shares in Mawson raced up al most 21% to C$0.52.