28th Apr 2021 17:40
SolGold PLC - Australian gold & copper mining company - Raises USD73.8 million through placing and retail offer of 208.2 million shares at a price of 25.5 pence each. Placing price reflects 11% discount to Tuesday's closing price of 28.7p.
Original maximum fundraise target was USD56 million.
Proceeds will go towards funding a minimum of 40,000 metres of diamond core drilling, and CSR initiatives work related to the company's regional portfolio.
Cantor Fitzgerald Canada Corp, H&P Advisory Ltd and Peel Hunt LLP acted as joint bookrunners.
"We are delighted to announce the successful completion of a two and a half times oversubscribed placing. We have added some very strong names to our shareholder register and I would like to thank existing and new investors for their support and backing of our strategy and future investment in Ecuador. This placing underscores the quality of our mineral assets in Ecuador and the strong market sentiment for the development of copper mines in a tight market," notes Chief Executive Officer Keith Marshall.
Current stock price: 26.77 pence, down 6.7%
Year-to-date change: down 17%
By Dayo Laniyan; [email protected]
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