Miner Luiri Gold has announced a $4.3 million capital raising to fund the development of its Dunrobin deposit in Zambia.
Luiri today announced it would launch a one for two rights issue priced at 3 cents per share to raise $3 million, in conjunction with a placement, also priced at 3 cents, to raise up to $1.3 million.
“The proceeds of the capital raising will be applied to the costs of development of a gold mine at the company’s Dunrobin deposit and to provide the company with ongoing working capital,” the company said in a statement.
The rights issue is partially underwritten by Euroz Securities.
At 12:30PM, WST, Luiri Gold shares were down 25 per cent, trading at 3 cents.