31/10/2011 - 14:51

Azimuth to raise $19.4m for Guyana gold

31/10/2011 - 14:51

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Azimuth to raise $19.4m for Guyana gold

Azimuth Resources has announced a $19.4 million capital raising plan to fund the further expansion of its gold exploration programs in Guyana.

Azimuth announced today a private placement to clients of Blackswan Equities, priced at $0.46 per share, a 7.7 per cent discount to the company’s 5-day volume-weighted average price.

The company said the raising had already received strong support, with “a number of significant Canadian institutions” taking part.

“The placement provides funds to significantly progress work programs at the company’s gold exploration projects in Guyana, and provides working capital and financial security for the company in a turbulent global economic environment,” Azimuth managing director Dominic O’Sullivan said in a statement to the Australian securities exchange.

At close of trade today Azimuth stocks had gained 0.99 per cent, to trade at 51 cents.

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