Beacon Hill turns to market to raise cash
PERTH (miningweekly.com) – Dual-listed Beacon Hill Resources was looking to raise up to $25-million through a share placement to expand and upgrade rail infrastructure, its wash plant upgrades and for working capital.
The ASX- and Aim-listed company said on Tuesday that the share placement would take place in two tranches, subject to shareholder approval. The placement would be conducted by way of a book-build process, with a minimum of $15-million raised, and shares offered at 25p a share.
“The placing, which has received strong institutional demand to date, will strengthen the company’s balance sheet and will enable us to complete important rail infrastructure upgrades, start phase 2B and 2C wash plant upgrades, and leaves sufficient working capital for our rail operations,” said chairperson Justin Farr-Jones.
“In addition, and most significantly, the funding will be sufficient to see the Minas Moatize operation enter full-scale production of coking coal,” he added.
The first tranche of the placement would be issued under the company’s 15% placement capacity, while the second tranche would be determined by the company and joint bookrunners.
It was expected that the first tranche of shares would be made available on March 18 on the Aim, and on March 19 on the ASX.
Meanwhile, Farr-Jones noted that, in addition to the proposed equity raising, Beacon Hill also remained in discussions with a number of financial institutions regarding a secured debt facility for capital expenditure, ongoing working capital funding, and to refinance the senior secured $10-million debt facility with Vitol Coal SA.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Columbus Stainless, based in Middelburg, Mpumalanga, is Africa’s only producer of stainless steel flat products. In addition, Columbus is the only...
VISIT SHOWROOM
Occupational health services, mobile clinics, wellness campaigns, aviation.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
