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Olivut Resources Gaining after Franco-Nevada, Newmont Patriarch Boosts Stake in $2.2M Offering

Olivut Resources Ltd. (OLV.V) is up 3 cents this afternoon at $1.13 a share, turning around a 4-cent decline earlier today after Franco-Nevada Corp (FNV.TO,FNV) Board Chairman Pierre Lassonde disclosed he had increased his personal stake in Olivut to more than 6 million shares, recently purchasing 800,000 shares as part of the company's $2.2 million offering of flow-through and common stock.

Olivut, who also was president of Newmont Mining Corp through 2006, now has an 18% stake in Olivut, which is developing its HOAM gold project in the Northwest Territories as well as properties in South America.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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