Minerals 260 raises $220m to acquire, advance Bullabulling gold project
ASX-listed Minerals 260 has, following a successful international and domestic investor roadshow, successfully completed a $220-million capital raise, before costs, by way of an offer of 1.83-billion new shares at an issue price of $0.12 a share, being the maximum subscription amount permitted under the public offer.
Minerals 260 says each director and all key management participated in the raising, with total contributions of $12.7-million, including $12-million invested by the company’s chairperson Tim Goyder and his nominees.
Funds raised will be used for the $156.4-million cash component of the consideration to acquire the Bullabulling gold project, in Western Australia, from Norton Gold Fields, a wholly-owned subsidiary of Zijin Mining Group, and to advance the project towards development.
The company says strong interest was received from institutional funds in Asia, North America and Europe in addition to the support received from domestic institutions and existing shareholders.
“The successful completion of this capital raising is a significant achievement for the company. The raising was strongly supported by both global and domestic institutions and our existing shareholders.
“Minerals 260 is now in a position to complete the acquisition of the Bullabulling gold project, re-commence trading on the ASX and begin our aggressive drilling campaign. We look forward to updating the market regularly about our progress at the project, including the commencement of drilling soon,” says Goyder.
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