PERTH (miningweekly.com) – The shareholders of Aim-listed SolGold have backed a capital raising with gold miner Newcrest and investor Maxit Capital, instead of a deal with mining major BHP Billiton.
In a shareholder meeting this week, more than 97% of SolGold’s shareholders voted in favour of a combined $33-million raising with Newcrest and Maxit Capital, which will allow Maxit and its clients to subscribe for more than 63-million shares in SolGold, to gain a 4.43% shareholding, while Newcrest will subscribe for more than 142-million shares for a 10% shareholding.
On Monday, BHP offered SolGold $30-million for a 10% interest in the Brisbane-based explorer, with the major also hoping to secure earn-in into the Cascabel copper/gold project, in Ecuador, by spending $275-million to acquire a 70% stake of SolGold’s 85% interest in the Cascabel holding company Exploraciones Novomining SA.
BHP’s offer had been conditional upon the $33-million capital raise not proceeding.