Teranga Gold wraps up private placement with investor

Teranga Gold Corporation completed a non-brokered $17,471,088 private placement with David Mimran, CEO of Grands Moulins d'Abidjan and Grands Moulins de Dakar, one of the largest producers of flour and agri-food in West Africa Wednesday.

"I am truly delighted to welcome David Mimran as a cornerstone investor of Teranga, and as a director, where he will combine his tremendous strategic and operating knowledge and experience in Senegal and West Africa with our own," Alan Hill, chairman of Teranga, said. "The Mimran family's commitment to Senegal runs deep and they are highly respected in the country. David's strategic investment in Teranga supports the acceleration of our longer-term growth strategy beyond our current life-of-mine plan."

Hill added that the Mimran family has a legacy of operating effectively in Africa.

"I am impressed by Teranga's track record of operating and financial discipline, its high caliber management team and its position as the only large-scale commercial gold producer in Senegal," Mimran said. "I look forward to collaborating with Teranga's board and executive management team to execute on a strong platform of sustainable cash flow generation, and achieving the Company's vision of becoming a pre-eminent mid-tier gold producer in Senegal and Greater West Africa by leveraging its asset base, people, operating experience and social license."