JOHANNESBURG (miningweekly.com) – Aim- and TSX-listed Serabi Gold has announced an $8-million capital raising, which alongside the previously announced $15-million that was raised from Greenstone, will underpin accelerated development at its projects in Brazil.
The $8-million placing of new shares at 3.6p each is being conducted through an accelerated bookbuilding process by Peel Hunt.
Funds from the placing will be used to undertake Phase 2 of the drilling programme at the Palito and Sao Chico projects, to further advance the recently acquired Coringa project, to start a regional exploration programme and to repay $3-million to Sprott.
The company’s primary interests are its 100%-owned Palito mining complex and the Coringa Gold project, both located in the Tapajos region of northern Brazil. Combined gold production from the Palito complex is currently about 40 000 oz/y, while the Coringa project, when in production, is forecast to produce an average of 32 000 oz/y.