JOHANNESBURG (miningweekly.com) – ASX-listed Energia’s rights offer to raise A$3.13-million has closed oversubscribed, which CEO Alexander Burns said on Wednesday showed that its shareholders endorsed the company’s strategy for the Gorno project, in Italy.
“The rights issue proceeds will leave us well positioned to advance this high-value zinc project with the added benefit of the latest encouraging exploration results and in time for a forecast global supply shortage of the metal,” he commented in a statement.
A recent increase in the project's resource estimate has seen Energia reconsider the configuration of its Gorno project, with the company evaluating a smaller start-up operation using an existing access, which will result in a shorter development timeframe and a reduced up-front capital investment.
The rights issue entitled shareholders to subscribe for two new shares for every five existing shares held at an issue price of A$0.01 a share.