Xanadu to raise A$13.6m to advance Mongolia assets
JOHANNESBURG (miningweekly.com) – ASX-listed Xanadu Mines on Monday announced plans to raise A$13.6-million through a rights issue and share placement programme to advance its newly acquired Mongolian copper/gold porphyry portfolio.
Xanadu aimed to use half of the generated funds to pay down up to $10-million of the 18-month deferred consideration for the $14-million deal to acquire a 90% interest in Turquoise Hill subsidiary Oyut Ulaan, which holds the Kharmagtai porphyry copper/gold project, in the South Gobi region of Mongolia.
The acquisition was completed in May, with $4-million of the consideration already paid by Xanadu subsidiary Mongol Metals.
The balance of the raised funds would be used to further exploration and evaluation activities and complete a Joint Ore Reserves Committee-compliant resource statement for Kharmagtai.
Xanadu entered binding subscription placement agreements – offering a subscription price of 12.26c a share – with a private vehicle and two equity investment funds managed by Asia Capital and Advisors and Khan Investment Management.
Xanadu aimed to undertake a prorata non-renounceable rights issue at the same price prior to the placement to enable current shareholders to participate.
Xanadu chairperson Mark Wheatley said that following the capital raising, the company would be fully funded for the next year.
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