19th Jun 2015 09:08
LONDON (Alliance News) - Central Rand Gold Ltd Friday said it has raised GBP200,000 by issuing 2.0 million new shares at 10 pence each in a subscription.
Central Rand Gold shares were up 25% at 14.88 pence on Friday morning in London.
"The proceeds of the subscription will be used primarily to strengthen the company's balance sheet and provide working capital in order to undertake continued surface mining operations, together with the programmed plant upgrades and efficiency processes improvements," Central Rand Gold said in a statement.
"The upgrades and improved efficiencies are intended to improve plant availability and recovery rates," the company added,
Proceeds will also be used to repay trade creditor balances in connection with closing the company's underground mining operations, as well as the completion of the disposal of Central Rand Gold (Netherlands Antilles) NV.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Central Rand Gold