31st Oct 2013 09:58
LONDON (Alliance News) - Medusa Mining Ltd Thursday said it raised the size of a placement after strong demand, raising about GBP20 million rather than the GBP14.8 million it originally planned.
It will settle the placing in two tranches of 9.4 million shares each because it needs permission from shareholders to complete the second tranche. The gold producer operating in the Philippines will seek that at its annual general meeting November 22. The placement price was AUD1.80 a share.
It will use the funds to pay down a working capital facility it has with Philippine banks and to give it enough capital to see it through until production starts at its new Co-O Mill. The start of the mill was delayed after the failure of powercells at the plant, which hit production. It had previously said it hoped a new powerpack would be supplied to the company within 45 days from September 4.
Medusa shares were up 0.7% at 113.03 pence in London Thursday morning. The company is also listed in Australia.
By Steve McGrath; [email protected]; @stevemcgrath1
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