Noble completes $10m placement

Noble Mineral Resources has completed a $10 million share placement to fund the final commissioning of the processing plant at its Bibiani gold project in Ghana.  

The placement, which was priced at 48 cents per share, was made to investor clients of Azure Capital, Morgan Stanley Smith Barney and BBY.

Noble said the funds would be applied to completing construction of the mill at Bibiani and to develop satellite pits in close proximity to the plant.

it said the first gold pour was scheduled to take place at Bibiani next month.

“The company has experienced unforeseen delays in commissioning the project resulting from holdups in the fabrication of key components in South Africa and the subsequent importation of those components in Ghana,” Noble said in a statement.

“Delays with customs clearance at the wharf in Ghana has also contributed significantly to the commissioning delay.”