Balcatta-headquartered gold explorer Perseus Mining Ltd has announced plans to raise $6.14 million to pursue its drilling programmes at its Tolubay project in the Kyrgyz Republic and Tengrela project in the Ivory Coast.
Balcatta-headquartered gold explorer Perseus Mining Ltd has announced plans to raise $6.14 million to pursue its drilling programmes at its Tolubay project in the Kyrgyz Republic and Tengrela project in the Ivory Coast.
The funds will also assist feasibility studies for a mining operation at the company's Grumesa project in Ghana.
The capital raising will involve the placement of 15,350,000 fully paid ordinary shares at an issue price of 40 cents each.
Montagu Corporate will handle 9.6 million shares (to raise $3.84 million) via a prospectus which will be issued soon.
Macquarie Bank will subscribe for the remaining 5.75 million shares for a total subscription amount of $2.3 million, subject to shareholder approval.
The planned works include substantial drilling over the next twelve months at the Tengrela project, continued diamond drilling at the Obdilla discovery at the Tolubay project, and the Grumesa project feasibility work for a future mining pperation.
THE FULL ANNOUNCEMENT APPEARS BELOW.
PROPOSED ISSUE OF NEW SECURITIES
Perseus Mining Ltd is pleased to announce that it has entered into agreements for the placement of 15,350,000 fully paid ordinary shares at an issue price of 40 cents each for a total subscription amount of $6,140,000. The completion of this fundraising will enable the Company to maintain active drilling programmes at its Tolubay and Tengrela gold projects, as well as progressing feasibility studies for a mining operation at the Grumesa project.
An agreement has been reached with Montagu Corporate Pty Ltd ("Montagu") for it to procure subscriptions, on a best endeavours basis, for 9,600,000 shares to raise $3,840,000. A prospectus for the offer of these shares will be issued soon.
An agreement has been entered into with Macquarie Bank Ltd for it to subscribe for 5,750,000 shares for a total subscription amount of $2,300,000. Completion of the placement to Macquarie Bank Ltd is subject to shareholder approval under ASX Listing Rule 7.1. A general meeting to seek that approval will be held as soon as possible. This placement, combined with an earlier placement of shares in September 2005, will result in a total investment of $3 million by Macquarie Bank Ltd in the Company.
The total funds raised of $6.14 million will be used for exploration programs and for general working capital. Exploration programs include:
- the Tengrela Project, where substantial drilling is planned over the next twelve months to follow up significant intercepts from wide spaced RAB drilling;
- the Tolubay Project, where the Company will continue diamond drilling the Obdilla discovery, which has already produced highly encouraging results; and
- the Grumesa Project, where the Company is continuing feasibility work for a mining operation.
Perseus Mining Limited
ABN 27 106 808 986
30 Ledgar Road, Balcatta, Western Australia 6021 PO Box 717 Balcatta WA 6914
Telephone: (618) 9240 6344
Facsimile: (618) 9240 2406
Email address: info@perseusmining.com
Website: www.perseusmining.com
