Manas shakes the tin for Shambesai work
PERTH (miningweekly.com) – Gold developer Manas Resources on Friday announced plans to raise A$4.7-million through a share placement and rights issue to fund work at the Shambesai gold project, in the Kyrgyz Republic.
Manas told shareholders that an initial A$540 000 would be raised through the placement of 77-million shares, priced at 0.7c each. The share placement would be made to sophisticated and professional investors, and would be completed before July 17.
The share placement would be followed by a non-renounceable entitlement issue on a one-for-one-basis, to raise a further A$4.17-million. Some 595.8-million shares would be on offer under the rights issue, at a price of 0.7c a share.
Manas said that the funds would be used primarily to complete a number of project activities at Shambesai, which were required as part of the pre-development process under the company’s mining licence agreement. The completion of these activities would help to advance the project while Manas continued with its dual strategy of procuring project finance for development, or securing a partial or outright disposal of the Kyrgyz mineral assets.
The Shambesai project was expected to deliver 241 000 oz of gold over a four-and-a-half-year mine life, and would require a capital investment of $41-million.
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