06/09/2016 - 15:41

Troy to raise $40m

06/09/2016 - 15:41

Bookmark

Upgrade your subscription to use this feature.

Gold miner Troy Resources has launched a $40.7 million capital raising to shore up its balance sheet and fund further development of its Karouni mine in Guyana.

Troy to raise $40m
Troy Resources' Karouni gold mine in Guyana.

Gold miner Troy Resources has launched a $40.7 million capital raising to shore up its balance sheet and fund further development of its Karouni mine in Guyana.

Troy plans to raise $18.4 million from an institutional placement and $22.3 million through a one for 5.5 entitlement offer.

About 113 million shares will be issued at 36 cents a share, representing an 18.2 per cent discount to the company’s last closing price.

Proceeds from the raising will be used to progress exploration and future development work at the Karouni gold mine, as well as strengthening the company’s balance sheet and for general working capital.

“With the mining operations starting to hit their straps just over six months of commercial production, we now have to focus on the significant expansion opportunities at Karouni,” Troy managing director Martin Purvis said.

“This includes exciting brownfields exploration targets in one of the most prolific artisanal gold production regions in Guyana – a package that extends over 850 square kilometres and hosts over 100km of crustal shear corridors with numerous near-mine extension targets in close proximity to current operations.

“Work has also commenced on a range of studies for an underground mining project at Smarts, as part of a feasibility study.”

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options