https://www.miningweekly.com

OreCorp sets sights on A$56m capital raise

17th June 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Gold developer OreCorp will raise A$56-million through an institutional placement to fund the development of its Nyanzaga gold project, in Tanzania.

The company on Thursday announced that it would place 70-million shares at a price of 80c each to domestic and overseas institutional and sophisticated investors. The placement will be conducted under the company’s existing placement capacity.

The offer price of 80c a share represented a 15.3% discount to the company’s last closing price, and a 13.8% discount to its five-day volume weighted average share price.

Proceeds from the capital raise will go towards the development of the Nyanzaga gold project, following the approval by the Tanzanian Cabinet of Minister of a special mining licence.

The Nyanzaga project is expected to produce some 213 000 oz/y over a mine life of 12 years, with OreCorp expected to invest some $287-million to bring the project into production.

The funds would allow OreCorp to complete a definitive feasibility study, pre-development activities, and would fund exploration activities at OreCorp’s Western Australian assets and general working capital.

Edited by Creamer Media Reporter

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION