Regis buys stake in Malagasy Minerals
PERTH (miningweekly.com) – Gold miner Regis Resources has taken a 9.9% shareholding in fellow-listed Malagasy Minerals
Malagasy on Wednesday reported that it had raised A$1.5-million through a share placement to corporate and sophisticated investors, with the company issuing some 45.45-million shares.
Regis subscribed for more than 38.4-million of these shares, which had been priced at 3.3c each.
Malagasy holds exploration tenements in Madagascar, and was currently focused on graphite and nickel-copper-platinum group elements.
The share placement was subject to Malagasy completing the acquisition of Greenmount Resources, which holds the Karlawinda gold project, in Western Australia.
The project hosts the Bibra deposit, which has a Joint Ore Reserves Committee-compliant resource of 18-million tonnes, grading 1.1 g/t gold for 650 000 oz of gold.
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