Geopacific completes A$140m raise for Woodlark development
PERTH (miningweekly.com) – Gold developer Geopacific Resources has raised A$140-million through a share placement to fund the development of its Woodlark gold project, in Papua New Guinea.
The placement, which was strongly supported by both new and existing investors, including cornerstone investments by two of the company’s current substantial shareholders, will be completed in two tranches.
The first tranche of the placement will consist of 43.7-million shares, priced at 42c each, to raise an initial A$18.4-million under the company’s existing placement capacity.
The second tranche placement of some 289.6-million shares, to raise a further A$121.6-million, will be subject to shareholder approval. An extraordinary general meeting is scheduled for February 3.
In addition to the capital raise, Geopacific was also planning to undertake a share purchase plan (SPP), also priced at 42c each, allowing shareholders to subscribe for up to A$30 000 worth of new shares in the company, to raise up to A$10-million.
The SPP will close on February 10.
“We are delighted with the strong support for the placement, welcoming a number of specialists Australian and international resource investment institutions to the register,” said chairperson Ian Clyne.
“With the equity raising complete, the company intends to finalise the funding arrangement with Sprott Resource Lending, as a preferred project financier, with a view to commencing construction in the second quarter of 2021, and first gold expected in the fourth quarter of 2022.”
The Woodlark project is expected to produce 980 000 oz over its 13-year mine life, and is expected to have a net present value of a$347-million and an internal rate of return of 34%.
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