Millennium hopes to raise A$20m
PERTH (miningweekly.com) – Gold miner Millennium Minerals has launched a A$20-million share placement to retire its debt and fund an exploration campaign at the Nullagine project, in Western Australia.
The raising would be conducted through a shareholder participation offer under which existing shareholders could subscribe for new shares in the company, priced at 4c each.
The offer price represented a discount of 43.9% on Millennium’s 30-day volume weighted average price of 7.1c a share.
The company said it could choose to accept an additional A$1-million in oversubscriptions, taking the maximum total which could be raised to A$21-million.
Millennium’s largest shareholder IMC Group, which has agreed to conditionally sub-underwrite some A$17.6-million of the raising, would subscribe for shares worth a minimum of A$7.3-million, assuming the raising is fully subscribed for A$21-million. This would ensure that IMC retained its existing 34.6% interest in Millennium.
Millennium CEO Glenn Dovaston said the raising would leave the company ideally placed on several levels.
“This raising marks the start of the next chapter for Millennium. We will be in a strong financial position with relatively little debt and strong cash flow from existing production at Nullagine,” he said.
Some A$14-million of the proceeds from the raising would be used to retire remaining debt to IMC. The balance of the proceeds would be used to fund an exploration campaign at Nullagine, where numerous near-term, brownfield drilling targets and other exploration prospects have been identified.
The shareholder participation offer, as well as IMC’s sub-underwriting of the offer, was subject to shareholder approval.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
For over 15 years, Lilak Aluminium, a trusted leader in architectural extrusion supply, has delivered excellence to businesses like yours.
VISIT SHOWROOM
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
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
