Base camp at Kaminak's Coffee gold project. Photo: Michael McCrae/MINING.com

Base camp at Kaminak's Coffee gold project. Photo: Michael McCrae/MINING.com

In a junior mining sector where financing drought continues to be the rule, Kaminak Gold continues to cash in and attract deep-pocketed shareholders.

On Monday the Yukon gold developer announced a $22.5-million financing and a significant new shareholder: billionaire Thomas Kaplan's Electrum Strategic Opportunities Fund LP. Existing shareholders Ross Beaty and Lundin trust Zebra Holdings and Investments are also participating in the financing, which consists of 82-cent units with a half-warrant (exercisable at $1.05).

Kaplan is chairman of the board at Novagold Resources, and Electrum owns major positions in junior resource companies including Gabriel Resources, NovaCopper and Tintina Resources.

Assuming the exercise of warrants by all subscribers, Electrum will own a 10.32% equity stake in Kaminak and have the right to one board seat.

The investment comes after an Electrum analyst visited Kaminak's Coffee gold deposit (as well as other Yukon projects) as part of a Yukon Mining Alliance-funded analyst tour in mid-August.

"Kaminak is very pleased to be welcoming Electrum as a significant new shareholder in conjunction with a financing that renews and builds upon the support of our existing strong shareholder base," said Eira Thomas, Kaminak's President & CEO. "These funds ensure that our Coffee Gold Project stays on the fast track right through to construction, targeted for 2018, in support of Kaminak’s larger goal of becoming a Yukon gold producer by 2019.”

Kaminak is currently working on a feasibility study expected in the first quarter of 2016. Last week the company increased its resource estimate for the Coffee deposit to 4.9 million oz (indicated and inferred).

Kaminak had $13.9 million in the treasury as of June 30, according to the September corporate presentation.

NR: Kaminak announces $22.5-million investment by Electrum and existing shareholders Ross Beaty, Zebra Holdings and Investments

Related: Kaminak ups ounces at Coffee gold project in Yukon | CEO.CA