27/05/2009 - 09:16

CGA Mining lifts raising target to $23m

27/05/2009 - 09:16

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Gold miner CGA Mining has increased its capital raising target to $C20 million ($A23 million) after high demand from investors.

Gold miner CGA Mining has increased its capital raising target to $C20 million ($A23 million) after high demand from investors.

The company last night announced it had engaged Haywood Securities to manage a $C17 million ($A19.4 million) private placement.

Funds raised is to be used for working capital during the first few months of production at the Masbate mine in the Philippines, with first gold pour achieved earlier this month.

Today, CGA said that due to high demand, Haywood has increased the amount of shares to be issued from 12.6 million to just over 14.8 million, with shares priced at $C1.35 ($A1.54) each.

Shares in CGA were untraded at $1.66 at 10:55 AEST.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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