RTG raises A$15m for Philippines projects
PERTH (miningweekly.com) – Dual-listed gold developer RTG Mining said on Tuesday it would raise about A$15-million in a share placement to fund the permitting and development of its Mabilo project and exploration at its Bunawan project, in the Philippines.
The company would place about 22-million shares and chess depository instruments at a price of 68c each, to institutional and sophisticated investors.
The placement was priced at a premium of 1.5% to the company’s last traded price on the ASX and a 5.56% discount to the five-day volume weighted average price of RTG’s shares.
“We are extremely pleased with the strong support that RTG has received for the placement from institutions around the globe, including from our existing institutional shareholders and from a number of new Australian and international institutions,” said RTG president and CEO Justine Magee.
Following the completion of the placement, the company would have cash and liquid assets worth A$25-million, leaving RTG well funded to progress its Mabilo project, including the development of direct shipping ore operations, following the receipt of permitting.
The Mabilo project is estimated to host a Joint Ore Reserves Committee-compliant resource of 11.4-million tonnes, containing 205 000 t of copper and 716 000 oz of gold.
Work was currently under way on a feasibility study for the Mabilo project, and would likely be completed by the third quarter of this year.
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