Papillon to raise A$52.9m for Fekola development
PERTH (miningweekly.com) – Gold developer Papillon Resources was looking to raise some A$52.9-million through a share placement to institutional investors.
The ASX-listed junior reported on Wednesday that it would place some 39.5-million shares, at A$1.34 a share to investors in Australia, Asia, Europe and North America, to raise the proceeds.
Funds from the raising would be used to fast-track the planned development and exploration initiatives at the Fekola gold project, in Mali, including the completion of the prefeasibility and definitive feasibility studies, permitting and licensing, the start of early site works and infrastructure, as well as general working capital.
“This transaction is a fantastic outcome for the company and the strong institutional support received underlines the quality of the project,” said MD and CEO Mark Connelly.
He noted that the funds would allow Papillon to continue its aggressive exploration programme and to address some significant early-work items in the construction phase.
“The objective is to compress the anticipated development schedule for the project, highlighting our commitment to the rapid de-risking of Fekola, as we seek to achieve our corporate objective of becoming a gold producer in the near-term.”
The Fekola project was estimated to host a resource of some 54.97-million tons of ore, averaging 2.38 g/t gold. The mineral resource estimate included a measured and indicated resource of 44.31-million tons, representing some 83% of the entire resource.
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