08/02/2013 - 12:42

Luiri to raise $4.3m for Zambian gold

08/02/2013 - 12:42

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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. 

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