JOHANNESBURG (miningweekly.com) – Central Rand Gold (CRG) has raised £300 000 through the issue of 60-million new ordinary shares at an issue price of 0.5p apiece.
The proceeds will be used for working capital and building a 60 000 t/m concentrator circuit aimed at upgrading the gold grade of mine waste dumps materials before further metallurgical processing and civil construction.
Under the terms of the placing agreement, CRG has agreed to grant warrants to its broker Brandon Hill over 3.6-million new ordinary shares, or 6%. Each warrant entitles Brandon Hill to subscribe for one new ordinary share at the placing price per ordinary share. The broker warrants may be exercised within three years from the admission date of the placing shares.