PERTH (miningweekly.com) – Perth-based Renaissance Minerals was expected to raise some A$6-million in a heavily oversubscribed equity placement to new and existing institutional and sophisticated investors.
The company would place some 92.3-million shares, at a price of 6.5c each, to raise the funds, which would be used to accelerate exploration activities at the Cambodian gold project.
“The raising was well supported by both new investors and long-term supporters of the company. This support shown by some of the company’s largest shareholders demonstrates a high level of confidence in the company,” said Renaissance MD Justin Tremain.
He noted that the company was now well funded to accelerate its activities in Cambodia, in particular around the 1.2-million-ounce Okvau deposit.
The placement would take place in two tranches, with the first consisting of 45-million shares, to raise an initial A$2.9-million.
The second tranche would consist of 47.3-million shares, to raise A$3.1-million, and would be subject to shareholder approval at a meeting called for September 9.