PERTH (miningweekly.com) – ASX-listed Theta Gold Mines on Friday announced plans to raise A$4-million through a share placement to accelerate project development at its namesake project in South Africa.
The company would issue 16.66-million shares, at a price of 24c each, to raise the funding, with the placement well over-subscribed from local and international investors.
“We are very pleased to welcome new investors to our register. The new funds provide us with the necessary financial flexibility to continue pre-development activities on the Theta project. We have a very active works programme under way and we will provide shareholders with a steady stream of updates as we hit key milestones on the way to construction commencing,” said chairperson Bill Guy.
“Considerable value is expected to be realised over the coming months. Theta is in great shape with a very compelling project.”
An optimised mine schedule for the openpit starter project has estimated that the project would have a mine life of six-and-a-half years producing 260 000 oz of gold.