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Vancouver-based miner Tudor Gold (TSXV: TUD) announced Monday that it has completed a non-brokered private placement of approximately 4.2 million common shares at a price of C$0.70 per share for aggregate gross proceeds of C$2.93 million.

Nearly all the common shares offered under the placement (approximately 4.1 million shares) were acquired by Eric Sprott, who now owns or controls 20.2 million common shares and 11.5 million common share purchase warrants, representing 14.1% of the issued and outstanding common shares on a non-diluted basis, and 20.5% on a partially diluted basis, assuming the exercise of the warrants.

Proceeds from the sale of the shares will be used to fund exploration on the company’s Treaty Creek project. Treaty Creek is currently 60% owned by Tudor Gold, with American Creek Resources and Teuton Resources each holding a 20% interest carried through to a production decision.

The 17,913-hectare property lies within the Golden Triangle of British Columbia, and borders Seabridge Gold’s KSM property to the southwest and Pretium Resources’ Brucejack property to the southeast. The past-producing Eskay Creek mine also lies 12 kilometres to the west.

Shares of Tudor Gold jumped by as much as 28% on the latest investment boost. The company’s market capitalization stands at C$101.5 million.