Pacific Niugini (ASX:PNR) has offered shareholders additional time to acquire up to $3.93 million worth of shares under its 1 for 4 rights issue priced at $0.05 per share.
It noted a number of shareholders or their representatives have indicated difficulty in meeting the issue timeline due to disruptions over the Christmas and New Year period.
The rights issue will now close on Wednesday, 28th January 2015.
In December, the company had secured a gold prepay facility of up to $11.5 million with Commonwealth Bank to refurbish and develop the Nicolsons gold project in Western Australia.
It also reached a Heads of Agreement with Bulletin Resources (ASX:BNR) to acquire a further 15% interest in the Nicolsons Project from Bulletin (taking PNR up to 80%) by securing 100% of the financing agreements.
PNR will no longer be required to sole fund the first $4 million of expenditure in the project prior to earning the 80% interest.
The company could pour the first gold from the Nicolsons mine in 2015, with total pre-production Capex estimated at just A$10.7 million.
Total sustaining cost is estimated at A$854 per ounce while capital P&E cost is expected to be about A$107 per ounce.
Gold is currently trading at A$1,440 an ounce.
Nicolsons has a Mine Reserve of 435,455 tonnes at 6.17 grams per tonne gold for 86,362 ounces of gold.
Pacific Niugini (ASX:PNR) has offered shareholders additional...
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