23/02/2012 - 12:45

PMI to raise $35m for Obotan

23/02/2012 - 12:45

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PMI to raise $35m for Obotan

PMI Gold Corporation has entered a share purchase agreement with a syndicate of underwriters to raise $C35 million ($A32.8 million) to complete feasibility studies for its Obotan gold project in Ghana.

PMI announced today it had reached agreement with a syndicate co-led by Clarus Securities, RBC Capital Markets and GMP Securities, where the underwriters agreed to buy 28 million shares at $C1.25 ($A1.17) per share.

The offering is subject to customary conditions and relevant regulatory approvals.

The bankable feasibility study for Obotan is targeted for completion by the end of June this year, paving the way for a final investment decision to be made in the September quarter.

At 12:40PM WST, PMI stocks were steady at $1.28. 

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