Medusa Mining to raise $25m
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Wednesday, 30 October, 2013 - 15:52
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Como-based gold miner Medusa Mining will seek to raise up to $25 million through a share placement to institutional investors.
Philippines-focused Medusa will issue two tranches of new ordinary shares at $1.80 per share, subject to shareholder approval.
The first tranche will consist of around 9.4 million shares, representing 5 per cent of the company's share capital.
The second tranche will consist of a further 4.5 million shares.
Euroz Securities will be acting as lead manager for the transaction.
Medusa shares are in a trading halt ahead of the placement and are expected to re-commence trading next week.
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