Tanami shareholders unhappy with raising
PERTH (miningweekly.com) – Gold developer Tanami Gold on Friday announced that it would raise more than A$11.75-million through a non-renounceable entitlement issue, underwritten by its major shareholder Allied Properties Resources.
The entitlement issue would be made to eligible shareholders at an issue price of 2c a share, on the basis of one new share for every one share held. Existing shareholders would also be allowed to apply for shortfall shares in excess of their entitlement, which would otherwise be issued to Allied Properties, pursuant to its underwriting commitments.
Allied Properties has already committed to taking up its full entitlement under the offer.
Tanami told shareholders that the proceeds from the raising would be used to fund the drilling programme at the Kavanagh deposit, which forms part of the Coyote gold project, in Western Australia.
The proceeds would also fund the Coyote gold project care-and-maintenance programme, while also paying financing charges under the existing loan facility, expenses of the entitlement issues, and providing additional working capital.
Despite Allied Properties supporting the proposed raising, Tanami’s remaining shareholders have frowned on the deal, with the company’s share price dropping more than 34% on Friday, to trade at a low of A$0.029 a share, down from an opening price of A$0.044 a share.
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