22/09/2009 - 10:54

Resolute Mining taps equity market again

22/09/2009 - 10:54

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West Perth-based gold miner Resolute Mining will tap the market for fresh equity again, nearly three weeks after it announced a convertible note issue to raise up to $35 million.

West Perth-based gold miner Resolute Mining will tap the market for fresh equity again, nearly three weeks after it announced a convertible note issue to raise up to $35 million.

The company today entered a trading halt and explained it was "in order to finalise a capital raising".

Further comment was being sought from Resolute at time of publishing.

It is the company's fourth capital raising this year, with $61 million raised in January and $25 million in May and earlier this month, Resolute announced it would raise between $20 million and $35 million through a convertible notes placement, with each note priced at 70 cents each.

Patersons Securities managed the covertible note placement.

Funds raised from the convertible note issue were applied to Resolute's Syama gold mine in Mali, which has been battling problems since its first gold pour in June this year.

At full capacity, Syama is expected to produce 250,000 ounces of gold.

Shares in the company last traded at 62 cents.

 

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