PERTH (miningweekly.com) – Gold miner Evolution Mining has raised A$68-million in a share purchase plan (SPP), following strong support from shareholders.
The company in July this year announced the SPP, with the target of raising A$50-million, as part of a greater funding plan for the acquisition of fellow listed Northern Star’s Kundana gold assets, in Western Australia.
The funding plan also included a A$400-million underwritten institutional placement.
Evolution on Thursday said that the company had received valid applications from 8 647 eligible shareholders under the SPP, and the total value of the applications reached A$132-million. The strong demand necessitated the scaling back of applications, Evolution said.
“We appreciate the overwhelming support from shareholders for the SPP which reflects a strong endorsement of this pivotal transaction that will transform Mungari to establish the operation as the fourth cornerstone asset in the Evolution portfolio. Evolution is now very well positioned to deliver on the exciting organic growth opportunities we have in our portfolio,” said Evolution executive chairperson Jake Klein.
The SPP shares are expected to be issued on August 27, and will start trading on the ASX on August 30.