Sihayo Gold completes $15m placement

Australia-listed gold mine developer Sihayo Gold Limited announced on Friday that it has received firm commitments for 75 million fully paid ordinary shares at A$0.20 per share to raise $15 million before costs.

The placement bookbuild was heavily oversubscribed and closed with strong demand from both existing and a number of new institutional and sophisticated investors. Placement shares are expected to be allotted and issued on Thursday, 28 April, the trading day after settlement, the company said.

Proceeds raised will allow the company to pursue further resource definition drilling at the Sihayo Pungkut Gold Project, North Sumatra and complete the Definitive Feasibility Study before making a final investment decision, expected later this year. (romel)