https://www.miningweekly.com

Manas shakes the tin for Shambesai work

10th July 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Gold developer Manas Resources on Friday announced plans to raise A$4.7-million through a share placement and rights issue to fund work at the Shambesai gold project, in the Kyrgyz Republic.

Manas told shareholders that an initial A$540 000 would be raised through the placement of 77-million shares, priced at 0.7c each. The share placement would be made to sophisticated and professional investors, and would be completed before July 17.

The share placement would be followed by a non-renounceable entitlement issue on a one-for-one-basis, to raise a further A$4.17-million. Some 595.8-million shares would be on offer under the rights issue, at a price of 0.7c a share.

Manas said that the funds would be used primarily to complete a number of project activities at Shambesai, which were required as part of the pre-development process under the company’s mining licence agreement. The completion of these activities would help to advance the project while Manas continued with its dual strategy of procuring project finance for development, or securing a partial or outright disposal of the Kyrgyz mineral assets.

The Shambesai project was expected to deliver 241 000 oz of gold over a four-and-a-half-year mine life, and would require a capital investment of $41-million.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.049 0.952s - 110pq - 2rq
Subscribe Now