Kingsrose raises cash for Talang Santo
PERTH (miningweekly.com) – Junior gold miner Kingsrose Mining has raised A$8-million through a share placement to fund the ongoing development of its Talang Santo mine, in Indonesia.
The placement was completed at 35c a share, and represented an 11.4% discount to both the last trading price of Kingsrose shares and a ten-day volume-weighted average price.
The miner said that the proceeds from the placement would allow Kingsrose to continue mine development at Talang Santo while it awaited final approval from the Indonesian Mines Department to transition to full production.
The company noted that all outstanding obligations in relation to the permitting have been completed, and the relevant approvals were expected by April.
“We undertook this placement because we wanted to ensure that the company is funded through to full production at Talang Santo,” said Kingsrose MD Scott Huffadine.
He noted that the raising also meant that the company could continue its development work while it waited for final approval.
“This ensures that we can ramp up to full production as quickly as possible once the approval is granted.”
Talang Santo is the second underground mine at the Way Linggo gold project, is 17 km from project infrastructure and has a resource of 287 489 oz of gold and 894 951 oz of silver.
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