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Silver Lake launches A$15m raising

9th September 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Silver Lake Resources is looking to raise A$15-million through a share purchase plan (SPP), offering eligible shareholders the chance to subscribe for between A$2 500 and A$15 000 in new shares.

Eligible shareholders would be allowed to purchase the shares at 85c each, which was a 13.6% discount on the five-day volume-weighted average price of Silver Lake shares, and a 7.6% discount to the ten-day volume-weighted average price.

The ASX-listed miner said on Monday that the funds would be used to repay debt as well as to finance working capital.

The SPP would open on September 10 and would close on October 4.

The SPP formed part of a previously announced A$47.5-million capital raising. Under this capital raising, the gold miner had also issued some 55.9-million new shares to institutional and sophisticated investors, at a price of 85c each.

Edited by Creamer Media Reporter

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