Bassari moves to secure funding for Senegal development
PERTH (miningweekly.com) – Gold hopeful Bassari Resources on Friday announced plans for a fundraising to advance its Makabingui gold project, in Senegal.
The company said that it had received commitments from sophisticated and institutional investors, which included existing shareholders, to raise some A$1.1-million in a placement, with shares priced at 2c each.
The company also intended to raise up to A$4.6-million by way of a one-for-five renounceable pro rata rights issue to shareholders, which would also be priced at 2c a share.
Bassari MD Jozsef Patarica said that the Makabingui gold project’s feasibility study had delivered outstanding results, and the company’s focus was now on fast-tracking a development programme aimed at reducing the timeframe to first gold production from the eight months identified in the study.
“The initial placement fund allows us to continue work detailing the processing plant upgrade to initiate a surface mining tender and provide working capital,” Patarica said.
“The rights issue will allow shareholders the opportunity to participate in the development of the Makabingui gold project with its low capital cost, high-grade and excellent metallurgical recovery, strong cash flow and rapid payback.”
The feasibility study estimated that the Makabingui project will require a $12-million capital investment to allow for the mining of about 171 000 oz of gold, a feasibility study has found. The study indicated that the 11.9-million-tonne resource, grading 2.6 g/t gold, could deliver 50 000 oz/y of gold over a three-and-a-half-year mine life.
Patarica also pointed out on Friday that the positive feasibility study results had attracted interest from a number of funding sources which were offering a range of options.
“All funding options will be reviewed over the coming weeks to secure the best outcome for the company and our shareholders,” he said.
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