Private equity firm invests $15m in Serabi
JOHANNESBURG (miningweekly.com) – Private equity group Greenstone Resources has agreed to invest $15-million to acquire a 29.82% interest in Brazil-focused gold exploration and production company Serabi Gold.
The strategic investment will take place via a subscription for 297 759 419 new ordinary shares at a price of 3.6p each, representing a 0.55% discount to the closing mid-price of 3.62p a share on Thursday.
The subscription provides Serabi with a strong platform to deliver the company's ambition to become a 100 000 oz/y gold producer within two years
The funds from the subscription will be used to undertake drilling to delineate additional resources and to expand the life-of-mine at the Palito and Sao Chico projects, as well as to satisfy the second instalment of the deferred consideration due for the acquisition and advancement of the Coringa project.
The funds will also be used for working capital and other corporate purposes.
Meanwhile, Greenstone Capital partner Mark Sawyer will join the board of Aim- and TSX-listed Serabi with immediate effect.
"We are delighted to welcome Greenstone as a long-term strategic investor in the company and look forward to working closely with them to unlock the full potential of Serabi's gold projects and pursue other growth opportunities,” said Serabi CEO Michael Hodgson.
He added that the new funds generated by Greenstone’s subscription would significantly strengthen Serabi's financial position as the company looked to expand and develop its Palito, Sao Chico and Coringa projects, as well as provide a platform to pursue further regional opportunities.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
