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Central Rand Gold moves to raise $7.5m

7th August 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Central Rand Gold (CRG) on Wednesday announced its intention to raise $7.25-million through the issue of loan notes to Redstone Capital.

The group aimed to use the proceeds to fund required upgrades to its production facilities, to further develop underground mining and for general working capital purposes.

The conditional agreement was subject to shareholder approval.

“This agreement with Redstone Capital will fund the much needed upgrade to the company’s production facility and will enable the continued strategy of seeking opportunities to fully maximise our current mining right area, creating value for our shareholders,” CEO Johan du Toit said.

CRG also proposed the shifting of trading from the main boards of the LSE and the JSE to the Aim and the AltX respectively, which was expected to provide a market and environment more suited to the company’s current size.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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