JOHANNESBURG (miningweekly.com) – The shareholders of JSE- and ASX-listed Gold One had approved its A$37,5-million fundraising plan, the company reported on Wednesday.

As a result, Gold One has now placed a total of 120-million ordinary shares, at a cost of A$0,31 a share.

The share placement to mainly Australian and institutional clients, was made available in two tranches, the second of which was voted on and approved on Wednesday by shareholders with a more than 99% majority.                                                        

"We are delighted to have received such overwhelming support from our existing shareholders, allowing us to strengthen the company’s balance sheet, while also allocating funds to develop projects in our exploration pipeline, specifically, our Ventersburg project, which we believe has great potential to become our next flagship mine," said Gold One president and CEO Neal Froneman.

"Modder East remains on track to produce 20 000 oz of gold for 2009, providing the company with a solid growing revenue stream," he added.     

The newly issued shares was expected to be listed at the end of August, bringing the company’s total issued share capital to 804 966 819.

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