Minera raises cash to fund increased output
PERTH (miningweekly.com) – Junior gold miner Minera Gold has raised A$1.1-million to advance its recently acquired San Santiago copper asset, and to increase gold production.
The funds were raised predominantly through the company’s major shareholders by way of equity and convertible notes. The 228-million shares, which raised A$800 000, would be issued under the company’s existing capacity while the convertible notes, which raised the remaining A$300 000, would be issued as an extension to the existing series that expire at the end of June next year.
The convertible notes were not convertible past the end of March this year.
The funds raised would be used to increase mining at the San Santiago operation, in Peru, where Minera in September acquired a processing plant in a deal valued at $5.5-million.
Furthermore, the funding would go towards an increase in third-party ore and concentrate purchases to allow Minera to increase copper and gold output.
Meanwhile, Minera said it had also agreed to amend the standstill and forbearance deed with Anglo Pacific Group (APG), extending the debt repayment period until the end of December next year, instead of the November 28 deadline.
In exchange for this variation, Minera would make a principal repayment of A$250 000 through a mixture of cash and shares to APG, reducing the outstanding principal amount to around A$1.4-million.
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