Phoenix raises cash for Castle Hill
PERTH (miningweekly.com) – ASX-listed gold miner Phoenix Gold on Thursday announced plans to raise up to A$18.2-million in a share placement and entitlement offer.
The placement would comprise about 60-million shares to raise A$7.8-million. Some 36-million of the shares being placed would be under the company’s 15% placement capacity, with the remaining share placement subject to shareholder approval.
The miner would also launch an entitlement offer, giving existing shareholders the opportunity to subscribe for one new share for every three existing shares. If fully subscribed, the entitlement offer would comprise of nearly 80-million shares and would raise up to A$10.4-million.
Both the placement and entitlement offer have been priced at 13c a share, which Phoenix pointed out was a 10.3% discount to the company’s last closing price, and a 12.2% discount to the ten-day volume-weighted average price of Phoenix shares.
The miner told shareholders that funds raised would be used for the staged development plan at its Castle Hill operation, in Western Australia, and for lateral and depth extensions at the Broads Dam operation.
The staged development of Castle Hill would see the establishment of a two-million-tonne-a-year processing plant, and a two-million-tonne-a-year heap leach plant to treat lower-grade ore. Over an eight-year mine life, the Castle Hill project is expected to produce about one-million ounces of gold, with production estimated at around 129 550 oz/y.
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