Millennium capital raising a success
PERTH (miningweekly.com) – Gold miner Millennium Minerals on Friday reported that it had successfully raised capital to retire debt.
The miner announced last month that it would raise up to A$20-million by offering existing shareholders new shares in the company, priced at 4c each.
Millennium said on Friday that it had received valid acceptances for more than 422-million fully paid ordinary shares from eligible shareholders, representing total funds of A$17.6-million.
As a result, Argonaut Capital issued a shortfall offer to the priority and general sub-underwriters, consisting of Millennium’s contractors, directors, management and the IMC Group, raising a further A$3.3-million to bring the total raised amount to A$21-million.
The funds raised would be used to retire Millennium’s debt and unlock the value of the company’s flagship Nullagine project, in Western Australia, through a major exploration programme.
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