"Castlemaine Goldfields Limited (CGT) is pleased to announce that it has received binding commitments from existing shareholders and new institutional and sophisticated investors in Australia and overseas for a two-tranche placement of 500 million new ordinary shares at an issue price of A$0.05 per share to raise A$25 million. CGT will also launch a Share Purchase Plan (SPP) at the same price as the placement so that all existing eligible shareholders can participate. As a result of this announcement, Castlemaine Goldfields will resume trading from the commencement of trading today. The funds will be used to contribute to the underground development at its Ballarat Gold Project, recommence gold production, contribute to regional exploration and for working capital. Further details are set out in the attached presentation"
CGT Price at posting:
52.0¢ Sentiment: LT Buy Disclosure: Held
