St Barbara to raise A$58m to support Simberi development
ASX-listed St Barbara has reported that it has received firm commitments for an institutional placement of new fully paid shares to raise A$58-million – before costs – through the issue of about 126.1-million shares at an issue price of A$0.46 a share.
St Barbara says the placement was overbid, with significant demand from new and existing high-quality Australian and international institutional investors.
The company explains that funds raised will be applied to the expansion and conversion of mobile fleet at its Simberi mine, in Papua New Guinea, as well as to finalise the Simberi expansion feasibility study, advance pre-expansion growth capital items and complete the prefeasibility study (PFS) on the 15-mile processing hub.
“We are extremely pleased with the overwhelming support for the placement from our existing institutional shareholders and delighted to welcome numerous new high-quality domestic and international institutional investors to St Barbara’s register,” says St Barbara MD and CEO Andrew Strelein.
He says the placement allows the company to progress the change-out of the truck fleet at Simberi to improve efficiency and reliability, as well as finalising the feasibility study and advancing pre-expansion growth capital items.
He adds that the new funds will also enable the company to complete the PFS on the 15-mile processing hub at Nova Scotia, in Canada, which is due in the March quarter of 2026, and progress plans for the potential reopening of Touquoy, in Nova Scotia, for stockpile processing.
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