https://www.miningweekly.com
Construction|Gold|PROJECT
Construction|Gold|PROJECT
construction|gold|project

Capricorn raises cash for Karlawinda

13th August 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

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.

Edited by Creamer Media Reporter

Comments

Showroom

M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 
SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.148 0.186s - 107pq - 2rq
Subscribe Now