From The Australian
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
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