Robust raises A$25.5m for Talas buy
PERTH (miningweekly.com) – Precious and base metals explorer Robust Resources on Monday announced that it would raise A$25.5-million through a nonrenounceable entitlement issue to fund the purchase of the Talas gold/copper project, in the Kyrgyz Republic.
ASX-listed Robust would issue four new shares for every five shares currently held, at an issue price of 31c each. The company was expected to issue more than 82.2-million new shares under the rights issue.
The rights issue would increase Robust’s shares from 102.8-million to 185-million, or a 44% increase on the current issued share.
During December, Robust announced that it had signed a binding heads of agreement with a subsidiary of Gold Fields to acquire the Talas project in a deal valued at $5-million.
A $2-million cash payment would be made up-front, followed by $3-million in shares, along with additional considerations contingent on development milestones, including $20-million in Robust shares when a decision to mine is undertaken, providing the scope of production is no less than 85% of Gold Field’s base case study of 4.8-million ounces over a nine-year mine life.
The project consists of four mineral concessions covering 36 854 ha, with two of the concessions sharing a border with Robust’s Andash gold/copper project.
The project has an indicated resource of 116.5-million tonnes, grading 0.6 g/t gold and 0.19% copper, for 2.3-million ounces of gold and 488-million pounds of copper, as well as an inferred resource of 336.5-million tonnes, grading 0.4 g/t gold and 0.16% copper.
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