Hillgrove raises cash to fund switch over
PERTH (miningweekly.com) – Copper miner Hillgrove Resources has raised A$10.8-million through a share placement of 153.7-million new shares at 7c each to institutional and sophisticated investors.
Current shareholders subscribed for over 70% of the shares, which the company said on Monday endorsed the current commercial and operational outlook.
The placement price represented a 12.5% discount to the closing price of 8c a share on September 18, and a 12% discount to the volume-weighted average price of Hillgrove shares during the five days prior to September 18.
The funds raised would be used to finalise the settlement with the previous mining contractor, and to provide a working capital buffer. Earlier this year, Hillgrove executed a settlement deed with contractor Exact Mining Services, allowing the ASX-listed Hillgrove to take over mining operations at the Kanmantoo mine.
MD and CEO Greg Hall said that providing a solid capital platform for the company was prudent at a time when new mining operations had transitioned to Hillgrove’s management and operators, and new long-term contracts for equipment supply and maintenance had been entered into.
“With the successful transition at Kanmantoo to the new mining services and the progress plant and new crusher continuing to perform in a reliable manner, this successful equity raising will allow us to support our improving cash flow and profit from the Kanmantoo copper mine,” said Hall.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
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















