14th Mar 2016 15:34
LONDON (Alliance News) - Polo Resources Ltd Monday said one of the companies that it is invested in has raised AUD20.3 million through a placement of shares and has also announced a resource upgrade at its Matilda gold project.
The natural resource investment company said Blackham Resources Ltd raised the funds for the fast-tracking of the refurbishment of its Wiluna gold plant, which is critical for the site to be producing gold by the third quarter of 2016.
Polo said it did not participate in the placement.
On the basis of an approximate 45 million share placement, Polo said it expects to be directly interested in 6.0% of Blackham's enlarged issued share capital and in a further 2.4% via its shareholding in Perfectus Management Ltd, with Polo's total interest at 7.1%.
Polo said that Blackham's resource upgrade means the total Matilda gold project resource now stands at 45 million tonnes at 3.3 grams per tonne for 4.7 million ounces.
Shares in Polo were down 1.4% at 4.16 pence on Monday afternoon.
By Hannah Boland; [email protected]; @Hannaheboland
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