PERTH (miningweekly.com) – Gold miner Red 5’s share purchase plan (SPP), which was announced at the start of October as part of a larger capital raise, has exceeded expectations.
The ASX-listed company on Tuesday said that it had received applications for more than 55.65-million shares under the SPP, for gross subscription proceeds of A$8.9-million. This was well above the A$6-million target set in October.
The directors have decided to accept oversubscriptions to the full amount subscribed.
The SPP is in addition to a A$60-million capital raise to fund the ramp-up of the King of the Hills gold mine, in Western Australia, under which 375-million shares were placed at a price of 16c a share.