15/02/2007 - 08:18

International Goldfields to raise $3m for gold development

15/02/2007 - 08:18

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Leederville-based International Goldfields Ltd has re-launched its $3 million share and options offer to invited investors, raising funds for the development of the company's Mt Ida gold project.

International Goldfields to raise $3m for gold development

Leederville-based International Goldfields Ltd has re-launched its $3 million share and options offer to invited investors, raising funds for the development of the company's Mt Ida gold project.

Having flagged the proposal in October last year, the company will issue 20 million shares at 15c each, along with one free placement option for every two shares subscribed.

The company will also issue 20 million shares, 60 million options and 60,000 performance shares to Bodmin Resources, in part consideration for taking a 15 per cent stake in South Africa's Genorah platinum platinum project - which will result in Bodmin holding a 19.9 per cent stake in the company.

IGL had previously announced it would pay a $300,000 deposit for exclusive rights over the project, and must spend around $13.2 million on the project over the next three years to earn 15 per cent stake in the tenements.

The share offer is not underwritten and oversubscriptions will not be accepted.

The prospectus was lodged with the ASX on February 13, with the offer closing on February 19.

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