Sign up Australia
Proactive Investors - Run By Investors For Investors

Centamin Egypt aiming to raise $C60m for Sukari Gold project

Centamin Egypt has announced it is seeking to raise $C60m via a placement in Canada at a price of C$0.65 per ordinary share.  Net proceeds of the offering will be for the continued development of the Sukari Gold Project, underground development, other exploration and general corporate and working capital purposes.
Centamin Egypt aiming to raise $C60m for Sukari Gold project

Centamin Egypt (ASX:CNT/TSX:CEE/AIM:CEY) has announced that it has entered into an agreement with a syndicate of underwriters led by Thomas Weisel Partners Canada Inc. and Cormark Securities Inc. under which the Underwriters have agreed to buy 92,308,000 ordinary shares from Centamin Egypt Limited on a bought-deal basis and sell them to the public at a price of C$0.65 per Ordinary Share.

Gross proceeds raised from the offering to Centamin will be C$60,000,200 (C$69,000,230 if the over-allotment option is exercised). The offering is subject to the approval of the TSX.

Centamin Egypt Limited intends to use the net proceeds of the offering for the continued development of the Sukari Gold Project, underground development, other exploration and general corporate and working capital purposes. The requirement for additional development funds is primarily a result of recent movements in the US dollar to Canadian dollar exchange rate and construction delays at the Sukari Gold Project (as previously reported). The Company remains debt free, without gold hedging and on track for gold production in Q2 2009.

Centamin Egypt was trading up 3%, to 88 Australian cents.



Register here to be notified of future CNT Company articles
View full CNT profile

Centamin Egypt Timeline

Related Articles

White Rock Minerals Ltd's Matt Gill talks pathway to production in Proactive Q&A Sessions™
November 29 2016
White Rock Minerals has a potential pathway to production.

© Proactive Investors 2016

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.