Australian Integra Mining Sources Fund to Repay Debts, Fund Expansions, Seeks to Raise $25M
Gold producer from Australia Integra Mining has undergone into a trading halt on Tuesday as it seeks to raise $25 million to pay down debt as well as finance a number of expansion projects.
On Monday, shares of Integra Mining closed at 33.5¢, after falling about 7 per cent in brisk trading.
Varied news reports said Hartleys and BBY were the ones appointed to manage the $25-million capital raising, with new shares to be issued at 30¢.
As of end June, Integra Mining, based on a recent investor presentation, holds $12 million cash on hand. However, it owed various financing facilities some $8.4 million.
Earlier, Integra Mining reported a jump in open pit reserves at its Randalls Gold Project, which has a six-year mine life, to 510,000 ounces. It likewise said the recent strong drilling results at its Majestic gold deposit point to a potential increase and upgrade.
Integra Mining likewise updated its ore reserve statements at Randalls Gold Project. The Australian gold miner had initially developed the project with an ore reserve of 300,000 ounces of gold from two open pits.
At http://au.ibtimes.com/articles/361231/20120710/gold-expansion.htm
Australian gold producer Integra Mining is seeking to raise up to 25 million Australian dollars (US$25.5 million) at 29 Australian cents a share, a person familiar with the matter said.
Hartleys and BBY are jointly managing the raising, which is being done at a 13.4% discount, the person said.
Funds will be used to repay debt, fund exploration and as working capital, the person said.
Integra, which entered a trading halt early Tuesday, earlier this week reported an increase in open pit reserves to 510,000 ounces at its Randalls Gold Project, which has a six-year mine life.
Monday, Integra said strong drilling results highlighted the potential to increase and upgrade its Majestic gold deposit.
Both Integra’s Majestic and Imperial prospects are being developed in a joint venture with Newcrest Mining’s Newcrest Operations.
At http://blogs.wsj.com/dealjournalaustralia/2012/07/10/integra-mining-seeks-to-raise-up-to-25-5-million/
IGR Price at posting:
33.5¢ Sentiment: Hold Disclosure: Held
