05/04/2012 - 14:48

Cortona to raise $7m for Dargues Reef

05/04/2012 - 14:48

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Cortona to raise $7m for Dargues Reef

Cortona Resources has launched a $7 million capital raising to finalise approvals and commence site engineering works for its Dargues Reef Gold project in New South Wales.

The placement, which was priced at 12 cents per share, will raise $3.96 million, while Cortona will also launch a share purchase plan to existing shareholders, also at 12 cents, to raise an additional $3 million.

Managing director Peter van der Borgh said the placement had received strong support, which was a vote of confidence in the company’s strategy.

The announcement comes shortly after Cortona said it had finalised a $42 million project development finance package with Deutsche Bank.

That package remains subject to a number of conditions, incuding regulatory approval for the transport of gold concentrate to the London Victoria treatment plant in Parkes, NSW.

At close of trade today, Cortona stocks had dropped 10 per cent in value, trading at 13 cents. 

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