Troy raises cash to fund growth
PERTH (miningweekly.com) – Gold miner Troy Resources is looking to raise up to A$40.7-million through an institutional placement and nonrenounceable entitlement offer to accelerate growth opportunities.
The ASX-listed company will issue up to 113-million new shares, priced at 36c each. Some A$18.4-million will be raised through an institutional placement, while an accelerated nonrenounceable 1-for-5.5 pro rata entitlement offer will raise a further A$22.3-million.
The offer price represents a discount of 18.2% to Troy’s share price before the announcement of the equity raising.
MD and CEO Martin Purvis said on Wednesday that with the commissioning of the Karouni gold project, in Guyana, now complete, the company was seeking to raise funds to accelerate near mine growth opportunities, including an underground feasibility study for the Smarts deposit, along with regional exploration across a number of established targets.
“With the mining operations starting to hit their straps after just over six months of commercial production, we now have to focus on the significant expansion opportunities at Karouni. This includes exciting brownfield exploration targets in one of the most prolific artisanal gold producing regions in Guyana, a package that extends over 850 km2 and hosts over 100 km of crustal shear corridors with numerous mine extension targets in close proximity to current operations.”
Purvis noted that the successful completion of the equity raising would ensure that Troy was well funded to accelerate exploration, progress development projects, and strengthen its balance sheets.
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