https://www.miningweekly.com

MinQuest raises funds for Wolverine buy

12th August 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Junior miner MinQuest has raised some A$2.29-million through a share issue and convertible loan facility to progress the acquisition of the Wolverine zinc project, in Canada.

The convertible notes would be issued to US investment firm Magna and would yield some A$1.35-million, while the issue of 37.4-million shares, at a price of 2.5c each, would raise the balance of the funding.

“The success of the capital raising demonstrates the depth of investor interest in our emerging plans for Wolverine and Fyre Lake. The successful redevelopment of these projects is an exciting step for MinQuest and its shareholders and will provide significant economic benefits for the people and businesses of the Yukon,” said MinQuest MD Jeremy Read.

MinQuest in July announced it would acquire the Wolverine zinc mine, with plans to use the existing processing and tailings management facilities at the mine to fast-track the development of the Fyre Lake copper project.

Commercial production at Wolverine started in 2012, with full design capacity of 750 000 t/y achieved in the first quarter of 2013. The mine was, however, placed on care and maintenance in January, as owner Yukon Zinc faced some financial difficulty.

MinQuest has been selected as the preferred bidder for the mine and a court hearing has been scheduled for August 14, at which time the court would determine if the MinQuest offer had been approved or whether an alternative restructuring proposal for creditors of Yukon Zinc would be preferred.

ASX-listed MinQuest noted that discussions with potential financiers regarding finance for the proposed acquisition were ongoing.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th 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:0.315 0.35s - 106pq - 2rq
Subscribe Now