PERTH (miningweekly.com) - Gold miner Dacian Gold has completed the retail component of its entitlement offer raising a total of A$28-million and taking its total capital raise to some A$98-million.
Dacian in April raised an initial A$70-million through the institutional component of its one-for-one accelerated non-renounceable entitlement offer, priced at 30c a share.
The miner on Wednesday said that some 69-million shares had been subscribed for under the retail entitlement offer, representing 74% of the new shares available for issue.
The remaining 24-million shares will be allocated to sub-underwriters on a pro-rata basis at the offer price.
Dacian MD Leigh Junk has previously said that the equity raising was the final step in successfully resetting and recapitalizing Dacian, and would allow the company the flexibility and opportunity to invest in the future growth of the Mt Morgans operation, and to define the various potential pathways to production beyond the current three-year outlook.
“We are extremely pleased with the support shown by both our institutional and retail shareholders in recent weeks. With the company now capitalized, we can focus our full attention on delivering our three year production outlook, with potential upside beyond that to come from our targeted near-mine exploration programme, regional consolidation opportunities and Westralia underground, which is currently not in the three year plan,” said Junk.