20th May 2016 07:21
LONDON (Alliance News) - Shanta Gold Ltd on Friday said it will raise up to GBP2.5 million through an open offer
Shanta will issue 38.5 million shares at 6.5 pence each. Shares in Shanta Gold were untraded early on Friday morning, last quoted at 6.14 pence.
This comes after it raised GBP7.2 million in a share placing earlier this month. It said at the time that it would undertake an open offer to enable shareholders not participating in the placing to participate in the fundraising on the same terms.
The East Africa-focused gold producer said earlier in May the funds would be used to execute the Base Case Mine Plan, as well as to undertake the underground development of its New Luika Gold Mine in Tanzania and to progress satellite deposit exploration.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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