Argentinean entrepreneur Elsztain acquires 5% in Challenger, eyes larger investment

Argentinean businessman and entrepreneur Eduardo Elsztain has acquired an initial 5% stake in Challenger Gold and has signalled an intention to take a larger stake pending a more detailed due diligence process. Challenger made a placement of 66.38-million shares at 8.5c a share to an affiliate of Elsztain’s group. The placement price represents a 9% premium to the 20-day volume-weighted average price of 7.8c.