Equinox to raise $124 million in Canadian share placements
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Friday, 25 August, 2006 - 14:00
West Perth-based mineral explorer Equinox Minerals Ltd will place 75 million shares with a group of Canadian brokers for around $124 million, to fund construction on its Zambian Lumwana copper project.
The company has focused on raising more money through Canadian investors due to a lack of interest in Australia, yet the company recently suffered a significant fall from around CA$2.70 to CA$1.50.
Its shares have been hammered lower since it announced that the total cost of the project had increased to $762 million, up from an estimated $483 million when it completed its bankable feasibility study last October.