Red 5 raises A$125m for King of the Hills
PERTH (miningweekly.com) – Gold miner Red 5 has raised A$125-million in a share placement to sophisticated and professional investors to develop the proposed integrated bulk openpit and underground mining and processing operation at King of the Hills, in Western Australia.
The share placement, which was priced at 18c a share, consisted of two tranches, with the first comprising 171.5-million shares to raise an initial A$30.87-million.
A second tranche placement of 522.94-million shares, to raise an additional A$94.13-million, will be subject to shareholder approval.
“We are delighted with the strong support received from existing and new investors, particularly given the current challenging equity market environment,” said Red 5 MD Mark Williams.
“This strong outcome reflects the market’s confidence in the growth pathway we have mapped out, which will see Red 5 evolve into a multi-asset, midtier gold producer over the next two years The capital raising significantly de-risks our funding requirements at King of the Hills, which is now well established as one of Australia’s premier emerging gold projects.”
Williams said that the completion of the placement put Red 5 in a strong position to transition efficiently into project development following the completion of the bulk mining final feasibility study in the September quarter of this year.
“We will also be well placed to maintain our long-term focus on exploration, which has already created significant value for our shareholders. We expect this to continue as we maintain our investment in exploration at Darlot as part of our Darlot mining hub strategy and continue to explore the broader King of the Hills system and surrounding tenements.”
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
