27/05/2008 - 15:47

CGA plans C$30m placement

27/05/2008 - 15:47

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CGA Mining Limited has announced that it has engaged Canadian broking firm Haywood Securities Inc to act as agent for a C$30 million private placement offering of ordinary shares.

CGA Mining Limited has announced that it has engaged Canadian broking firm Haywood Securities Inc to act as agent for a C$30 million private placement offering of ordinary shares.

The proceeds, in combination with existing cash reserves and a US$80 million senior debt facility arranged by BNP Paribas, will be utilised to fund the construction of the Masbate Gold Mine in the Philippines, including the acquisition of a power plant and general working capital.

Haywood will also have an over-allotment option entitling them to sell additional ordinary shares for further gross proceeds of C$5 million, exercisable two days prior to the closing of the Offering.

The ordinary shares will be issued at a price of C$1.65 per share (approximately A$1.74/share).

The private placement is subject to any required regulatory approval and the Offering is expected to close on or about June 12, 2008.

 

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