Ramelius raises cash for gold projects
PERTH (miningweekly.com) – Gold miner Ramelius Resources on Tuesday announced plans to raise A$8.6-million through a share placement and entitlement issue, with funds used to advance the Kathleen Valley and Vivien gold projects, in Western Australia.
The miner told shareholders that it had received firm commitments for its placement, under which some 32.3-million shares would be issued at a price of 6.5c a share, to raise A$2.1-million.
One free option would be issued for every two new shares under the placement offer.
Ramelius would also undertake a one-for-four nonrenounceable entitlement issue, at a price of 6.5c a share, to raise a further A$6.5-million. One free option would also be attached to every two new shares subscribed for.
The options would be exercisable at a price of 1.2c a share, on or before August 1, 2015.
Ramelius pointed out that the offer price represented a 34% discount to the company’s closing price on June 19.
Funds raised under the placement and entitlement issue would be used to bankroll the acquisition costs and progress of the Kathleen Valley project, which Ramelius would acquire from diversified miner Glencore for A$3.64-million in cash.
The funds would also be used to progress the Vivien gold project, which would deliver about 451 000 t, grading 7.6 g/t ore over a mine life of 30 months, to deliver about 109 000 oz of gold.
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