PERTH (miningweekly.com) – Gold and base metals developer OreCorp has completed the placement of 45-million fully paid ordinary shares, raising A$13.5-million.
The company in May announced the capital raise, priced at 30c a share, to fund continued work at its Nyanzaga gold project, in Tanzania.
The company said on Tuesday that the shares have been allotted in a single tranche to institutional and sophisticated investors.
OreCorp chairperson Craig Williams has also purchased 200 000 fully paid ordinary shares, at the same issue price, subject to shareholder approval, raising an additional A$60 000.
Proceeds from the placement will go towards the definitive feasibility study and relocation action plan studies for the Nyanzaga project, as well as for pre-development activities at the project.
Funds will also go towards further work at the Hobbes gold project, in Western Australia, including infill drilling and the potential expansion of the project area, as well as for general working capital.