Centerra Gold has agreed to buy 12.374 million newly issued shares in Canadian explorer Mundoro Capital for approximately C$4.08 million (€2.60 million), a proposed placement that would give Centerra a 9.9% stake. Mundoro said on 6 November that it plans to use the proceeds for exploration and working capital as it seeks partners for projects in Serbia.
The companies signed subscription and investor-rights agreements on 5 November. Under the terms, Centerra or an affiliate would pay C$0.33 per share, generating approximately C$4.08 million in gross proceeds for Mundoro. The transaction has not closed, so Mundoro has not received the cash.
Closing is expected around 27 November, subject to corporate and regulatory approvals and acceptance by the TSX Venture Exchange. The investor-rights agreement would allow Centerra to participate in future Mundoro equity financings to maintain its percentage holding, subject to the agreement’s terms.
Serbia portfolio seeks new partners
The proposed investment gives Centerra exposure to Mundoro’s exploration business through an equity stake, not direct ownership of a Serbian licence or a commitment to build a mine. Mundoro has not disclosed a project-by-project allocation of the proceeds or a binding drilling budget tied to the subscription.
Mundoro is restructuring its partnership pipeline in Serbia’s Timok Magmatic Complex, a copper-bearing district that hosts the Bor and Majdanpek mines and the Čukaru Peki deposit. In a separate announcement on 6 November, Mundoro said BHP would discontinue its option arrangements on Central Timok and Borsko, while retaining options over Trstenik and South Timok.
The eight Central Timok and Borsko licences cover 458.5 square kilometres and remain 100% owned by Mundoro. After the relevant BHP option terminations take effect, Mundoro intends to offer the projects to prospective exploration partners. Five porphyry targets have drill proposals, but no new partner-backed drilling programme has been approved.
BHP financed about C$8.0 million (€5.09 million) of exploration on the Central Timok and Borsko programmes being relinquished through September 30. That historical spending gave Mundoro a technical database for partner negotiations but is not new capital available to the company.
Drilling and financing remain pending
Centerra’s proposed shareholding may strengthen Mundoro’s ability to fund early-stage work and negotiate with other miners, but it is not a project joint venture, a mineral-resource estimate or development financing. Timok targets still require drilling, geological validation and further economic assessment before their commercial potential can be established.
Mundoro’s near-term milestones are completing the placement, choosing exploration priorities and securing partners willing to finance the next drilling phase in Serbia. The proposed funding would improve its financial flexibility, while geological and execution risks remain.
