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Manas raises A$5.5m for Shambesai

31st October 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold developer Manas Resources is aiming to raise about A$5.5-million in a nonrenounceable entitlement issue, offering shareholders one new share for every two shares held.

Shares would be issued at a price of 4c each, along with one free attaching option.

The funds raised by the entitlement offer would be used for the Shambesai gold project’s predevelopment and development costs, including plant design, engineering, environmental-impact studies, land acquisitions, site works and project finance due diligence.

“The funds raised will allow Manas to progress the development of Shambesai, as we move towards finalising project financing and commencing construction next year,” said MD Stephen Ross.

The Shambesai project, in the Kyrgyz Republic, was expected to produce about 227 000 oz of gold over a four-and-a-half year life-of-mine, and production is expected to start in the first quarter of 2014.

Edited by Creamer Media Reporter

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