PERTH (miningweekly.com) – Dual-listed Metminco has secured A$4.85-million in funding to complete the feasibility study on its Miraflores gold and silver project, in Colombia.
The company has placed more than two-billion shares, at a price of A$0.00237 a share, to sophisticated and institutional investors.
Some 212.6-million shares will be placed under the company’s existing capacity, with the remainder placed with Redfield Asset Management, MD William Howe and Lanstead Capital, subject to shareholder approval.
The proceeds from the raising will be used to advance the Miraflores project towards gold production, with the feasibility study earmarked for completion in the first half of 2017.
A previous scoping study estimated that Miraflores would require a capital investment of $81-million to develop a four-million-tonne-a-year underground operation, with the project expected to produce around 50 000 oz/y of gold, over a mine life of nine years.