9th May 2022 11:07
Pure Gold Mining Inc - gold mining company focused on Canada - To raise CAD30 million, or GBP18.9 million, through a non-brokered private placement of 200.0 million units at a price of CAD0.15 per unit. Holds option to enlarge target to CAD40 million. Plans to use the proceeds to ramp up the PureGold Mine to 800 tonnes per day by the third quarter of 2022.
Further, it plans to use the funds to reduce operating and sustaining capital costs in the second quarter of this year by at least 30%, year-on-year and achieve sustainable positive site-level cash flow by the third quarter. Expects offering to close on or about May 13.
Current stock price: 9.78 pence, down 15% on Monday
12-month change: down 88%
By Abby Amoakuh; [email protected]
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