De Grey Mining rattles tin for fresh funds
Source: Financial Review - Street Talk - Apr 23, 2020 – 9.55am
Gold tearaway De Grey Mining has had a sudden change of heart.
Seven days after dismissing our report that it was preparing a $25 million equity raising, De Grey is in front of investors doing just that.
De Grey Mining shares are in a halt as its brokers find buyers for a share issue. Jim Rice
The exploration company's shares went into a trading halt on Thursday morning as its brokers went about finding investors.
It is understood Bell Potter and Argonaut were in the market with a $28 million placement.
The deal would see 100 million new shares issued at 28¢ each. De Grey shares last closed at 32¢.
Funds raised are expected to be put towards De Grey's exploration program – and give incoming managing director Glenn Jardine plenty of resources to grow the kitty.
The company had a $343 million market capitalisation prior to the raising.
Ann: Trading Halt, page-59
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