Minera Gold
Minera Gold Limited (ASX:MIZ) is an Australian-listed international gold producer which is exploring and developing a portfolio of medium-sized gold projects in South America.
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Minera Gold raising $1.1M to maximise San Santiago copper and gold capacity
Minera Gold (ASX:MIZ) has received commitments to raise $1.1 million to advance its San Santiago copper assets in Peru and increase gold production.
Proceeds will be used to increase owner operator mining at the copper operations and increase third party ore and concentrate purchases for both the copper and gold circuits.
This will ensure the San Santiago plant operates at the level required to meet the company's 2015 forecast production targets through both owner operator mining and third party toll treatment.
The funds were raised through a placement of 228 million shares priced at $0.0035 each to raise $800,000 and the issue of $300,000 in convertible notes on the same terms as the existing June 2015 Series.
The placement includes one free attaching option for every two shares issued subject to shareholder approval.
"We are extremely pleased with the strong support received from our major shareholders and APG, which is testament to the recent material acquisition of the San Santiago Plant and surrounding concessions," managing director Ashley Pattison said.
"These funds provide us with the opportunity to maximise capacity at the plant and bolster the returns for shareholders in the short term."
Analysis
The $1.1 million in committed funding will allow Minera Gold to maximise capacity at the San Santiago plant.
Cash flows for the December 2014 quarter are likely to increase given the company recorded positive cash flows of $227,000 from processing of gold during the commissioning phase of its gold circuit and the $100,000 from the 13 days that it had control of the copper flotation circuit.
Other Minera Gold news
- Minera Gold identifies high grade prospects in Peru copper mine
2015-03-18 - Minera Gold gets busy with production from San Santiago
2015-01-13 - Minera Gold banks funds to increase gold, copper production in Peru
2014-12-19 - Minera Gold ramping up copper, gold production in Peru
2014-11-03 - Minera Gold completes acquisition of gold-copper plant in Peru
2014-09-19
