Re-emerging gold miner Orinoco Gold is seeking to raise as much...

Re-emerging gold miner Orinoco Gold is seeking to raise as much as $15 million via a placement.
The offer price is 12¢ per share - with a free option on a 1-for-2 basis exercisable at 18¢, expiring March 31 2020. The issue price represents a discount of 4 per cent to the last close and a premium of 4.5 per cent to the 10-day volume weighted average price, according to terms sent to fund managers on Monday morning.
Orinoco, in which South Africa's AngloGold Ashanti owns a 14.65 per cent stake, is managing the raise internally.
Funds raised will be used to ramp up production at Cascavel to 5,000 ounces per month by year end, and to begin a $3 million drilling programme at Sertao, Tinterio, Eliseo and Cascavel.

The shares have been on a tear, rising almost 250 per cent so far this year.


Unless Anglo have sold into the market recently I thought Anglo was closer to 17.4% not 14.65 % as has been reported by Fin review

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