Crater shakes the can
PERTH (miningweekly.com) – Gold junior Crater Gold Mining has raised A$3.4-million through a share placement as the company targeted positive cash flows at its High Grade Zone project, in Papua New Guinea.
The capital would be raised in two tranches, with an initial A$1.3-million raised through the placement of 16.25-million shares, at a price of 8c a share.
The first tranche placement would fall within the company’s existing capacity and would not require shareholder approval.
A second tranche of shares was expected to raise an additional A$2.1-million, with the placement made to shareholder Freefire Technology, which currently held a 62% interest in Crater and associates of chairperson Sam Chan.
The miner pointed out that, as a result of the first tranche capital raise, Chan and Freefire’s shareholding in Crater would be diluted. The proposed second tranche placement would retain Freefire’s interest in Crater at 62%.
“In this difficult funding environment, we believe this is a vote of confidence in our High Grade Zone project and management team. We see considerable growth in our future cash flows,” Chan said of the capital raise on Thursday.
Earlier this year, Crater sold its first gold from High Grade Zone, after mining operations resumed in March. Crater had initially been ordered to cease mining activities in late December, pending the conclusion of an inquiry into the circumstances surrounding a November vehicle accident, which claimed the life of the driver.
Crater was expected to produce some 10 000 oz of gold in the first full year of production.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...
VISIT SHOWROOM
AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...
VISIT SHOWROOM
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
