Guildford sets cap for A$2.5m raise
PERTH (miningweekly.com) – Coal hopeful Guildford Coal has launched a fully underwritten pro rata nonrenounceable entitlement offer in the hopes of raising some A$2.5-million.
The offer would be undertaken on a basis of one new share for every 18.284 shares held, and would be priced at 6c a share, along with one free attaching option, exercisable at 6c a share within three months of grant.
The company reported on Thursday that the proceeds from the offering would be used for working capital.
In February, the Mongolian government formally commissioned Guildford’s Baruun Noyon Uul (BNU) mine, allowing operations and sales to start.
Previously known as the North pit, BNU forms part of Guildford’s South Gobi project, and has a coal resource of 70.4-million tonnes, which includes an indicated resource of 39.7-million tonnes.
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