https://www.miningweekly.com

Energia shakes the tin for Italian zinc project

12th September 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

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.

Edited by Creamer Media Reporter

Comments

Showroom

M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 
Actom image
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/03/2024)
15th March 2024 By: Martin Creamer
Gold, hydrogen, mining boost make headlines
Gold, hydrogen, mining boost make headlines
15th March 2024
Magazine round up | 15 March 2024
Magazine round up | 15 March 2024
15th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.161 0.193s - 112pq - 2rq
Subscribe Now