PERTH (miningweekly.com) – Gold miner Gold Road Resources will invest more than A$25.98-million into ASX-listed De Grey Mining to maintain its 19.99% shareholding in the company.
De Grey this week launched a A$130-million fully underwritten share placement, placing 130-million shares at a price of A$1 each.
De Grey on Thursday said that the bookbuild for the placement had been completed, with firm commitments received for all of the shares on issue.
In addition to the share placement, De Grey will also undertake a share purchase plan (SPP) targeting a further A$20-million capital raise. The funds from both the share placement and the SPP will be used to fund definitive feasibility work and drilling at the Mallina gold project, in Western Australia.