Sihayo Gold plans $15m placement
Thursday, April 14 2011 - 07:34 AM WIB
Australia-listed gold mine developer Sihayo Gold Limited announced on Thursday plan to undertake a placement of new shares to institutional investors, including existing major shareholders, to raise A$15 million.
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.
The non-underwritten placement will be conducted by way of a fixed price offer at $0.20 per share, representing a 7% discount to the last closing price on 14 April 2011, and will result in a maximum issue of approximately 75 million ordinary shares.
The placement is expected to be completed overnight with settlement taking place on Wednesday, 27 April 2011 with quotation on Thursday, 28 April 2011.(romel)