Citigold raises A$100m for Charters Towers
PERTH (miningweekly.com) – ASX-listed gold miner Citigold has completed a A$100-million capital raising to develop its Charters Towers project, in Queensland.
The miner reported on Tuesday that it had reached an agreement with Express-Link Management to issue convertible bonds, valued at 7c a share, to raise the funds.
An initial tranche of A$3-million would be payable within five days of signing the agreement, and was not subject to any conditions. However, the remaining tranches would be subject to shareholder and regulatory approval.
Citigold said in a statement that the funds raised would be used to aggressively grow gold production at the Charters Towers deposit, especially from the Central mine, and expand the underground operations at the Imperial mine.
Funds would also be used for working capital.
MD Mark Lynch said that the transaction gave Citigold the financial flexibility to transform Charters Towers into a world-class, large-scale gold mine with significant yearly gold production.
“This is a pleasing development for Citigold and this investment further confirms the underlying value and future potential of the Charters Towers project,” he said.
“This funding gives us the catalyst to successfully exploit the impressive gold deposit at Charters Towers and importantly, deliver solid returns for our shareholders.”
Citigold was working to expand the Charters Towers project to deliver some 100 000 oz/y of gold, up from the current 10 000 oz/y rate.
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