South African miner AngloGold Ashanti has completed the acquisition of an 11.7% stake in Canada's G2 Goldfields for C$22.05m ($16.4m).

The transaction involved the purchase of 24.5 million shares at C$0.90 per share, with the net proceeds to support exploration at G2 Goldfields' Oko project in Guyana.

The infusion will also be used for the company’s general corporate requirements.

Before this transaction, AngloGold had not held any beneficial ownership in G2 Goldfields. The acquisition of these shares has provided the investor with a significant, non-diluted interest in the company.

Future involvement of AngloGold with G2 Goldfields may fluctuate based on various factors including market conditions.

The investor has indicated that it may adjust its level of ownership, control or economic interest in the securities of G2 Goldfields as it deems appropriate over time.

As part of the agreement, AngloGold secured certain rights, contingent upon maintaining a minimum diluted ownership interest of 10%.

These rights include anti-dilution provisions, ensuring the ability to participate in future equity financings by G2 Goldfields.

Additionally, if AngloGold fully exercises its participation right in equity financing, it may also acquire any unsubscribed equity securities.

AngloGold has also been granted a top-up right, allowing it to maintain its ownership percentage.

However, the exercise of these rights is subject to the condition that AngloGold's diluted ownership interest does not surpass the 19.9% threshold.

In a statement, G2 Goldfields said: “Roth Canada, Inc. and Cormark Securities Inc. acted as finders in connection with the Strategic Investment and were paid a cash commission equal to 6% of the aggregate gross proceeds of the Strategic Investment.”