Energia shakes the tin for Italian zinc project
PERTH (miningweekly.com) – Minerals developer Energia Minerals is hoping to raise A$6.1-million through a fully underwritten two-for-seven renounceable pro-rata rights issue.
The rights issue will be priced at 3.5c a share, and funds raised will be used primarily to enhance and accelerate the Gorno zinc project, in Italy, including completing a definitive feasibility study by the end of January, and starting preliminary work on the Riso-Parina adit rehabilitation.
In addition, funds will also be used to continue with specific exploration projects and to meet general working capital requirements.
“This rights issue is a strategic and timely fundraising to meet the company’s stated objectives to expand the drilling programme, complete the definitive feasibility study early in the new year, and without pre-empting the outcomes of the study, complete preparatory work to fast-track the development of the Gorno zinc project,” said Energia executive chairperson Alex Burns.
“The company made the decision to do a capital raising in this manner, and at this time, in light of the positive results achieved to date, support for the project at all levels and given the strengthening outlook for the zinc market.
“The rights issue path was selected after having considered a range of alternative funding options in a market that continues to challenge smaller mining companies, and [it was] priced in a way to encourage participation by shareholders,” Burns said.
The offer price represented a 27.1% discount to the closing price of Energia’s shares on September 9.
Following the completion of the rights issue, the company will issue about 174-million new shares, resulting in a total 783-million shares on issue.
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