19/03/2015 - 12:33

Doray to source funding for Deflector

19/03/2015 - 12:33

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Doray Minerals has appointed PCF Capital Group as adviser as the company plans to secure funding for the construction and development of its Deflector gold-copper project near Geraldton.

Doray to source funding for Deflector
Doray took control of the Deflector project after acquiring Mutiny Gold.

Doray Minerals has appointed PCF Capital Group as adviser as the company plans to secure funding for the construction and development of its Deflector gold-copper project near Geraldton.

In a statement today, Doray said PCF would assess financing alternatives and secure funding for the construction of the gold-copper project, which it gained ownership over after completing its takeover of Mutiny Gold.

Doray managing director Allan Kelly said PCF was chosen for its reputation and track record of securing debt funding for junior and mid-tier resources companies.

The company plans to bring Deflector into production next year.

In September last year, Mutiny said it would cost $63 million to develop Deflector.

It recently refinanced a $55 million debt facility with Westpac to help fund the development of its Andy Well stage 2 gold project in the Murchison region of WA.

Doray completed its compulsory acquisition of Mutiny last week, in less than five months after it was first announced.

Doray shares were 2.7 per cent higher at 45.2 cents per share at 12:30pm.

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