afr: gry raising $31.2m @ 60c per share, page-3

This may make it easier and leave you scratching your head.
From My resources.

West African gold explorer Gryphon Minerals has raised $45.2 million via a share placement, to fast-track exploration at its Banfora Gold Project in Burkina Faso and to begin exploring its newly acquired Tijirit Gold Project in Mauritania.
The placement is part of an overall funding package of up to $48.2 million.

Under the capital raising Gryphon will issue a tranche of 36.1 million fully paid ordinary shares to new and existing North American, European and Australian institutional investors at an issue price of $1.25 per share. The placement to institutional and investors will be made in one tranche under the company's 15 per cent capacity.

In addition, Gryphon will initiate a share purchase plan, open to all eligible shareholders, to raise up to $3.0 million at $1.25 a share, for total funds of up to $48.2 million.

Documents relating to the share purchase plan will be distributed in due course.

The proceeds of the capital raising will be used for additional exploration and studies at Gryphon's flagship Banfora Gold Project, where the company earlier this month announced an increase in the JORC inferred resource estimate to 21 million tonnes at 2.2 grams per tonne for 1.5 million ounces of gold.

The funds will also be used to commence exploration work at the Tijirit Gold Project in Mauritania, which is adjacent to Kinross Gold Corp's world class Tasiast gold mine, which Gryphon acquired last month in its takeover of Shield Mining.

Gryphon managing director, Steve Parsons, said: "This capital raising demonstrates the strong backing that we have from the professional investment community for our strategy to build a significant West African gold company.

"These funds allow us to accelerate our exploration programme in two highly prospective and under-explored regions of West Africa.

"Gryphon now holds a dominant and strategic land position of more than 3,600sq km in Burkina Faso and Mauritania."

"Following this capital raising, our immediate focus will continue to be advancing our Banfora Gold Project in Burkina Faso, where Gryphon believes there is the potential to establish a multi-million ounce gold project through an aggressive drilling programme.

"We are also excited to start work at Tijirit, which lies within the same region of Mauritania as Tasiast, one of the most significant gold discoveries of recent times, and where we already have a number of drill-ready targets identified."