05/12/2011 - 14:03

Glory raises $42.5m for Sappes acquisition

05/12/2011 - 14:03

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Glory Resources has completed a $42.5 million capital raising launched last month to fund the acquisition of the Sappes gold project in north eastern Greece from Cape Lambert Resources.

Perth-based Glory, which is led by Jason Bontempo, announced today it had received firm commitments in excess of the minimum $42.5 million subscription threshold.

The funds will be used to acquire Sappes from Cape Lambert, as the company announced early last month.

The capital raising was managed by UK-based Renaissance Capital.

Glory said it would update shareholders in due course with a timetable for the re-commencement of trading of its shares on the Australian Securities Exchange.

The company’s stock last traded at 21.5 cents, after having been placed in a trading halt in mid-October.

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