Resolute completes retail raising
PERTH (miningweekly.com) – Gold miner Resolute Mining has completed the retail component of its major capital raise, announced last month.
The company on Wednesday said that the 1-for-1.1 partially underwritten accelerated non-renounceable pro-rata entitlement offer had closed on December 5, raising A$46-million at an offer price of 16c a share.
The retail entitlement offer was partially underwritten for a total of A$68-million representing 425-million new shares. Eligible retail shareholders subscribed for 289-million new shares under the retail entitlement offer for approximately A$46-million. This represents a 44% take-up rate by eligible retail shareholders of available retail entitlement offer shares. It is expected that the remaining underwritten amount of approximately 136-million new shares or approximately A$22-million will be allotted to sub-underwriters of the retail entitlement offer.
The retail component followed the institutional entitlement offer, which raised A$96-million.
Resolute previously said that proceeds from the capital raise would be used to repay debt, reducing the company’s net debt position from $156-million to $65-million and to fund growth initiatives, including the potential expansion of the Syama North operation, in Mali.
The Syama North expansion plans include drilling and test work to convert resources to reserves and completion of the prefeasibility study in the first quarter of 2023 ahead of the commencement of a definitive feasibility study in the second quarter of 2023. Development of the Syama North resource is expected to provide ore feed for a low capital expenditure expansion of the sulphide circuit to achieve economies of scale and reduce all-in sustaining cost per ounce.
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