Aureus to raise £15.6m
JOHANNESBURG (miningweekly.com) – Aim- and ASX-listed Aureus Mining on Tuesday entered into an underwriting agreement with GMP Securities, Clarus Securities and Numis Securities to sell 33.4-million shares at £0.27 apiece to raise £9-million gross proceeds.
The company also reported that an in-principle agreement was reached with International Finance Corporation (IFC) for a proposed subscription of 24.5-million units at the issue price to raise gross proceeds of about £6.6-million.
“The funds raised through the offering give Aureus a robust balance sheet as we draw down on our project finance facilities for the completion of the construction of New Liberty, as well as allowing us comfort in accessing the [$8-million] additional cost-overrun facility should it be required,” said CEO and president David Reading.
The company planned to inject $4-million into the New Liberty gold project, including for additional preproduction drilling.
The construction of New Liberty remained on budget and on schedule to start production in the first quarter of 2015.
The investment by the IFC would also allow Aureus to continue its exploration programmes, in particular continued drilling and the completion of a preliminary economic assessment at Ndablama, further drilling at Weaju and target generation work across the company's wider licence portfolio in Liberia and Cameroon.
The closing of the subscription, expected by June, was subject to the completion of due diligence by IFC and certain conditions, including board approval.
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