Beacon Hill turns to market to raise cash
PERTH (miningweekly.com) – Dual-listed Beacon Hill Resources was looking to raise up to $25-million through a share placement to expand and upgrade rail infrastructure, its wash plant upgrades and for working capital.
The ASX- and Aim-listed company said on Tuesday that the share placement would take place in two tranches, subject to shareholder approval. The placement would be conducted by way of a book-build process, with a minimum of $15-million raised, and shares offered at 25p a share.
“The placing, which has received strong institutional demand to date, will strengthen the company’s balance sheet and will enable us to complete important rail infrastructure upgrades, start phase 2B and 2C wash plant upgrades, and leaves sufficient working capital for our rail operations,” said chairperson Justin Farr-Jones.
“In addition, and most significantly, the funding will be sufficient to see the Minas Moatize operation enter full-scale production of coking coal,” he added.
The first tranche of the placement would be issued under the company’s 15% placement capacity, while the second tranche would be determined by the company and joint bookrunners.
It was expected that the first tranche of shares would be made available on March 18 on the Aim, and on March 19 on the ASX.
Meanwhile, Farr-Jones noted that, in addition to the proposed equity raising, Beacon Hill also remained in discussions with a number of financial institutions regarding a secured debt facility for capital expenditure, ongoing working capital funding, and to refinance the senior secured $10-million debt facility with Vitol Coal SA.
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