27/02/2018 - 12:29

RTG in $US34m raising

27/02/2018 - 12:29

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Subiaco-based RTG Mining has raised $US34 million as the company aims to secure an interest in the old Panguna copper-gold project in Bougainville, while Azure Minerals also announced a capital raising worth $8.2 million.

RTG in $US34m raising
Panguna is a copper project in Bougainville

Subiaco-based RTG Mining has raised $US34 million as the company aims to secure an interest in the old Panguna copper-gold project in Bougainville, while Azure Minerals also announced a capital raising worth $8.2 million.

RTG said it had received firm commitments in the private placement to Australian and international investors, with Hartleys and US-based Trump Securities acting as joint lead managers to the raising.

Under the deal, the company will issue 311 million shares at 14 cents each.

RTG is focused on a proposal with a landowner led consortium to secure an exploration licence at the Panguna project in Papua New Guinea.

ASX-listed Kalia also signed a land access agreement with local landowners in Bougainville earlier this year it says will pave the way for a full exploration program on the island.

RTG said it would also spend some of the cash from the raising on increasing its interest in the Mabilo gold-copper project in the Philippines.

“We are extremely pleased with the strong support that RTG has received for the Private Placement from a number of new high-quality international institutions, as well as from our existing shareholder base,” chief executive Justine Magee said.

“Following completion of the placement, RTG will be in a strong financial position with cash and liquid assets of circa $US33.5 million net of fees to brokers, leaving RTG well-funded to progress various business development opportunities and continue to seek to build a social licence to sustainably redevelop the Panguna Project in Bougainville.”

RTG shares were up 3 per cent at 16.5 cents each at 3pm AEDT.

Meanwhile Azure has raised $8.2 million, with strong demand from North American, European and Australian investors.

The company said the funds would be used to progress its Oposura zinc-lead-silver project in Mexico.

Azure also said the proceeds would be spent on exploration at its Sara Alicia project.

The company issued 27 million shares at 30 cents each with Patersons Securities acting as the lead manager to the placement.

Shares in Azure were down 8.3 per cent at 33 cents at 3pm AEDT.

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