From Herald Sun Business section
Hartley’s has launched a $50m raise for Beadell Resources, a gold producer that controls the Tucano mine in Brazil.
The placement has been priced at 19.5c per share, a 5.1 percent discount to Beadell’s VWAP.
According to a term sheet sent to investors, the fresh money is aimed at funding fresh exploration projects as well as strengthening the balance sheet.
Hartley’s, the sole lead manager to the deal, has targeted an initial $40m, resulting in the placement of 205.1m new shares. However depending on demand the deal has scope to raise a further $10m, or 51.3m shares.
Listed Australian gold miners have been on a tear recently due to the commodity’s prolonged rally and the fall in the Australian dollar, as well as lower labour costs.
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