JOHANNESBURG (miningweekly.com) – Gold One, which was formed through the merger of Australia’s BMA Gold and South African Aflease Gold, has submitted an application for the quotation of the first tranche of a A$37,5-million capital raising.

The JSE- and ASX-listed gold producer announced on June 24 that it would place 120-million new shares at A$0,31 a share, predominantly with Australian and international institutional clients of the brokers of the deal, Hartleys.

This would help it to fast-track the activities at its South African gold project, and particularly to advance drilling and feasibility studies at its Ventersburg project, CEO Neal Froneman had said at the time.

It expected the project to become its second flagship mine.

The first tranche involved the placement of 33,6-million shares, which had not been subject to shareholder approval.

However, the allotment of a further 86,4-million shares as part of the second tranche would have to be granted shareholder approval. Shareholders would decide on this during a meeting to be held in August.

Further, it had also made a submission to the ASX for 230 240 fully paid ordinary shares, which was a third instalment payment of former Aflease Gold’s acquisition of Noble Trade & Commerce Limitada in 2008.

The gold-miner bought Noble, which held the 22 000-ha Tulo concession, in Mozambique, for R6-million in December.

At the time, Froneman had described the concession as a “company maker”, saying that it would give Gold One an extensive holding in a highly favourable geological setting.

A further six instalments, each comprising about R500 000 worth of Gold One shares, still had to be paid.

The next instalment would be made on January 1, 2010.

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