Not even safe haven investment gold could escape the coronavirus-induced market rout at the end of last week, suffering its biggest daily price fall in almost seven years on Friday.Trading in Dacian Gold has been suspended since the start of February. Arsineh HouspianAnd that won't be good news for this ASX-listed small cap gold miner, which has been on equity raising watchlists for the past month.Despite this it is understood Dacian Gold – which is expected to raise between $50 million and $70 million to meet its debt obligations – is forging ahead with its recap plans.Fund manager sources told this column they were tipping the equity injection would get done at between 30¢ and 35¢, a big discount to Dacian's $1.40 last close.Dacian and its advisers would still be keeping a close eye on local markets, which have been rocked by the coronavirus panic. But the company needs the fresh funds to meet its debt obligations.At the end of December, the $320 million miner had fully drawn its $94.7 million loan facility courtesy of Westpac, ANZ and BNP Paribas.Former MD on the noseMeanwhile, the company released a revised three-year mine plan last week, courtesy of new chief executive Leigh Junk.It outlined less-than-expected annual gold output and a pivot to production based predominantly on open pit sources rather than underground ones.Investors have been left fuming at former chief executive Rohan Williams, who had pushed a long term story about the company, with a five-year plan.Williams exercised $2 million worth of options before he resigned in December and has since sold the stock.Trading in Dacian has been suspended since the start of February.
DCN Price at posting:
$1.40 Sentiment: Hold Disclosure: Held
