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Havilah raises cash for Portia development

15th June 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold developer Havilah Resources said on Monday it expected to raise about A$2-million in a share placement to new and existing shareholders, to assist in the development of the Portia gold project, in South Australia.

Some eight-million fully paid ordinary shares would be issued under the placement, priced at 25c each.

Havilah MD Chris Giles noted that the placement price represented a 19% discount to the company’s ten-day volume weighted average price of 31c a share. The shares would be issued under the company’s placement capacity, and would not require shareholder approval.

“Commencement of the Portia gold mine and Havilah’s future copper development plans is creating a lot of interest in the company, as it works towards its ambition of becoming a new mining force in South Australia,” said Giles.

“The funds will be used to ready the gravity gold processing plant at Portia, for continued development progress at Kalkaroo towards a decision to mine status, plus processing other advanced copper/gold projects and for general corporate purposes.”

The Portia mine has a Joint Ore Reserve Committee-compliant inferred resource of 720 000 t, grading 2.9 g/t gold for 67 000 oz of contained gravity recoverable gold.

Edited by Creamer Media Reporter

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