Amara aims to raise $22m for Côte d'Ivoire project
JOHANNESBURG (miningweekly.com) – West Africa-focused Amara Mining plans to raise $22-million through the placing of 91.25-million new ordinary shares with existing and new investors at a price of 16p a share.
Amara CEO John McGloin said that, with the conditional placing, which was still subject to shareholder approval, the company would secure the financing required to take its Yaoure gold project, in Côte d'Ivoire, through to a construction decision.
“I am delighted with the support we have received from our existing and new shareholders for this upsized and oversubscribed fundraise,” he stated.
McGloin added that he was particularly pleased to welcome mining-focused investment group Tembo Capital, which provided further endorsement for the Yaoure project.
“With a production profile of 279 000 oz/y over a ten-year life-of mine, Yaoure has the potential to be one of the top gold mines in Africa by production,” he pointed out.
Further, McGloin noted that the project’s total costs are also forecast to be among the lowest in Africa.
“While previously the company was financed to complete Yaoure’s prefeasibility study, we agreed with our major shareholders that a low cash position would leave Amara vulnerable at a time when it is important for us to keep moving forward as rapidly as possible,” he explained.
McGloin added that this fundraiser would enable Amara to further derisk and increase confidence in Yaoure this year.
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