Herald down 10% following $126m raising
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Friday, 24 February, 2006 - 08:34
Shares in Herald Resources Ltd have fallen almost 10 per cent after yesterday's $126 million capital raising to fund its Dairi zinc-lead mine in Indonesia.
Shares in the company have fallen 12 cents this morning to $1.12 at 830 WST.
Herald placed 120 million shares at $1.05 a share with Euroz Securities Ltd clients, which the company believes will broaden Herald's Australian and international institutional shareholder base.
Macquarie Bank is offering a US$30 million convertible finance facility, and is at an advanced stage of negotiations for $20 million of debt funding from smelter/trading groups.