Capricorn raises cash for Karlawinda
PERTH (miningweekly.com) – Gold developer Capricorn Metals will raise A$65-million through a share placement to accelerate the development of its Karlawinda gold project, in Western Australia.
The ASX-listed company on Tuesday said that about 406.2-million shares will be placed, at a price of 16c each, to raise the funds, taking Capricorn’s cash balance to around A$90-million.
Two of Capricorn’s current shareholders, Paradice Investment Management and Hawke’s Point Holdings, have cornerstoned the capital raise, along with several institutional investors and several founders of gold miner Equigold.
The placement will be conducted in two tranches, with the first tranche of 125.4-million shares raising an initial A$20.1-million, taking place under Capricorn’s existing capacity.
The second tranche of 280.8-million shares, to raise A$44.9-million, will be subject to shareholder approval.
“We are very pleased to have received commitments for this A$65-million share placement as it will allow Capricorn to move towards development of the Karlawinda gold project with confidence that there is now a clear funding pathway for the project,” said executive chairperson Mark Clark.
“It will allow the company to expedite the optimisation of development plans targeting commencement of construction in the March 2020 quarter and targeting first gold production around a year after that.”
An optimisation study estimated a capital requirement of A$132-million to develop the 1.5-million-ounce Karlawinda project, which is expected to produce 660 955 oz over an eight-and-a-half-year mine life.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation