Phoenix raises cash for St Ives buy
PERTH (miningweekly.com) – Junior gold producer Phoenix Gold has placed about 50-million shares, at 10c each to raise A$5-million, with the miner on Monday announcing a share purchase plan (SPP) to raise a further A$1-million.
The placement price represented a 13% discount to Phoenix’s last closing price on February 3, and a 19% discount to the five-day volume weighted average price of the company’s shares.
In announcing its plans for the SPP, the gold miner said that shares would now be offered to eligible Australian and New Zealand shareholders, to be priced at 10c each.
Funds from the placement and the SPP would be used to complete the acquisition of the 2.3-million-tonne-a-year St Ives heap leach processing facility. Proceeds would also be used to provide general working capital.
“The heap leach facility is a key part of Phoenix’s development strategy, enabling the treatment of stockpiled lower-grade ore mined from the Castle Hill and surrounding projects,” said Phoenix MD Jon Price.
“Advancing this significant component of the strategy will provide us with an important additional source of cash flow over many years.”
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