Sign up Australia
Proactive Investors - Run By Investors For Investors

Millennium Minerals on-track to be debt free after A$21M raise

Millennium Minerals on-track to be debt free after A$21M raise

Gold-producer Millennium Minerals (ASX:MOY) financial restructure continues to gain momentum, with the company completing a A$21 million capital raising - which is quite impressive in the current commodity markets.

The raising was conducted at $0.04 through a Share Participation Offer, and strong demand from investors meant that the sub-underwriters only had to take up $3.3 million of shares under its commitment.

The company is producing gold from its Nullagine Gold Project in the Pilbara region of Western Australia.

During the September quarter record production of 27,238 gold ounces was achieved, taking production for the past nine months to 68,959 gold ounces.

All-in Sustaining Cost (AISC) for the quarter was $1020 an ounce ($956 an ounce before payment of profit-share royalty).


Allocation of funds

Millennium has a set plan, with the new funds to retire Millennium’s sub-ordinated debt, and then the company will eliminate the remainder of its bank debt using internally generated cash-flow by March next year.

Therefore the company is positioned to be debt free by March 2016.


Exploration

The new funds will also provide backing a major exploration program already underway at Nullagine, which will target an increase to the projects mine life.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

View full MOY profile View Profile

Millennium Minerals Ltd Timeline

Newswire
December 31 2014

Related Articles

Picture of Teal Gold Project
April 10 2018
Management recently upgraded production guidance at the Teal Gold Project.
Uranium
May 15 2017
Kazakhstan's decision to curtail uranium output by 10% from its mines gave a shot in the arm to the sector
Gold bars
January 25 2018
The drill results had returned wide zones of mineralisation, the company said

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

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

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use