Euroz backs Medusa Mining $25m raising

Como-based Medusa Mining plans to raise nearly $25 million through a share placement that has been fully underwritten by Euroz Securities.

The company said it will issue 20.3 million shares at a discounted $1,21 each to institutional and sophisticated clients of Euroz.

Shares in Medusa last traded at $1.39, up three cents from yesterday's closing price.

Proceeds from the placement will go to expansion work at the company's Co-O underground gold mine in the Philippines, increase resources at the operation and general working capital.

Additionally, Medusa expects a net profit after tax of $12 million for the half year. Full details will be released early next month.