Beadell Resources launches $50m raise
THE AUSTRALIANFEBRUARY 19, 2016 11:38AM
Gretchen Friemann
Mergers & Acquisitions Editor
Sydney
"Hartley’s has launched a $50 million 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 per cent discount to Beadell’s VWAP.
According to a term sheet sent to investors, the new money is aimed at funding fresh exploration projects as well as strengthening the balance sheet.
Perth-based Hartley’s, the sole lead manager to the deal, has targeted an initial $40m, resulting in the placement of 205.1m new shares. However, the deal has scope to swell a further $10m, or 51.3m shares, depending on demand.
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.
This article was first reported on BusinessNow."
cheers
BDR Price at posting:
24.0¢ Sentiment: None Disclosure: Held
