Orosur to issue shares for advancement of Anzá project

10th July 2018 By: Marleny Arnoldi - Deputy Editor Online

TSX- and Aim-listed gold producer Orosur Mining continues to advance discussions to finance the next stage of exploration at the Anzá project, in Colombia.

In connection with these discussions, the company said on Tuesday that an international mining company had agreed to advance $250 000 to subscribe for about 3.6-million common shares of Orosur at a price of C$0.091 (£0.052) apiece.

The share price represents a 102% premium to the closing price of the company's common shares on the TSX on July 9.

Upon admission, the total number of common shares and voting rights issued and outstanding will be about 121-million shares and the total number of options and warrants outstanding shall remain unchanged at 17.2-million.

Orosur expects to close the subscription during August.

At closing, it is anticipated that the subscriber will own about 2.97% of the company's issued and outstanding common shares on an undiluted basis.

The net proceeds from the subscription will be used for general corporate purposes and working capital requirements.