Eldorado Gold Invests $2.4 Million in Gemdale Gold

Eldorado Gold Corporation has completed a strategic investment in Gemdale Gold Inc. through a non-brokered private placement. This transaction involved the issuance of 2,000,000 units of Gemdale at C$1.20 per unit, resulting in total gross proceeds of C$2,400,000. Each unit includes one common share and a half-share purchase warrant, allowing the holder to buy an additional share at C$1.50 within 24 months. Proceeds will fund exploration in Finland and support corporate purposes.

This investment marks Eldorado's first ownership stake in Gemdale, granting them 9.5% of common shares on a non-diluted basis. Eldorado also gains rights to participate in future financings and to appoint a technical committee representative. Gemdale's key projects include the Pontio Gold Project in Finland, with plans for drilling expansions. The transaction's completion is pending regulatory approvals, including from the TSX Venture Exchange.