General Mining raises Mt Cattlin cash
PERTH (miningweekly.com) – ASX-listed General Mining Corporation has raised A$3-million through a share placement to fund the restart of the Mt Cattlin spodumene/tantalum mine, in Western Australia.
The company had placed some 60-million ordinary shares, at a price of 5c each, to raise the funds, and announced on Friday that it would undertake a one-for-five nonrenounceable issue to raise a further A$2-million.
The proceeds of the capital raising would be used for development expenditures at Mt Cattlin, as well as for general working capital purposes, allowing General Mining to immediately start site work at the Mt Cattlin mine with production targeted for the first quarter of 2016.
Earlier this year, General Mining inked an agreement with fellow-listed Galaxy Resources to acquire a 50% stake in Mt Cattlin for A$25-million. General Mining would spend an initial A$7-million on the project prior to the start of production, on or before the end of March next year.
The company’s equity interest in the project would start at 14% upon that expenditure and would increase as the balance of the consideration was paid over three A$6-million installments, due every year from the start of production.
General Mining’s equity interest would increase by 12% upon the payment of each installment.
The company would also act as sole operator and manager of the project, while all care-and-maintenance costs prior to the start of production, and revenues after the start of production, would be shared equally between the parties.
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