OreCorp completes capital raise
PERTH (miningweekly.com) – Gold developer OreCorp has completed its A$56-million capital raise, issuing the last of the 70-million shares announced in June.
OreCorp on June 25 raised an initial A$52.4-million of its targeted capital raise though the issue of the first 65.5-million shares to domestic and overseas institutional and sophisticated investors, and said on Friday that it had now completed the placement of the remaining 4.5-million shares, bringing its share placement to a close.
Proceeds from the capital raise will go towards the development of the Nyanzaga gold project, following the approval by the Tanzanian Cabinet of Minister of a special mining licence.
The funds would allow OreCorp to complete a definitive feasibility study, pre-development activities, and would fund exploration activities at OreCorp’s Western Australian assets and general working capital.
The Nyanzaga project is expected to produce some 213 000 oz/y over a mine life of 12 years, with OreCorp expected to invest some $287-million to bring the project into production.
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