Vango raises funds for Marymia
PERTH (miningweekly.com) – Gold junior Vango Mining will raise A$5.4-million to accelerate exploration at its Marymia gold project, in Western Australia.
The company on Thursday said that it had received firm commitments to raise an initial A$3.6-million through the placement of 24-million shares to sophisticated and professional investors, at a price of 15c each.
The company has also received an agreement from lenders to convert A$18-million of debt to equity on the same terms, issuing a further 12-million shares.
Vango on Friday said that new unlisted options would also be offered on the basis of one free attaching unlisted option for each share issued, exercisable at 27c each, with an expiry date of one year from issue.
“Vango believes firmly that our Marymia gold project is a particularly dynamic area to be involved in, given that we are really only just scratching the surface of what is potentially a world-class, large-scale, high grade gold mining operation,” said Vango executive chairperson Bruce McInnes.
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