St Barbara raises $19.2m through Mercator sale

West Perth-based gold company St Barbara Ltd has raised $19.2 million after selling its shareholding in AIM-listed Mercator Gold plc, with the knowledge of the UK-based miner.

The sale of the 11 million shares at 70p each will bring St Barbara a profit of $6.2 million.

St Barbara said the sale, undertaken with the knowledge of Mercator Gold plc, strengthens the Company's cash reserves; enabling planned project development and exploration expenditure to be financed from available funds.