Proactive investorsLogo Proactive Investors UK Website

Search field
Get Adobe Flash Player Download
Flash
Player ►

And
Enable
Javascript

1 year chart

digital-look imported chart image

1 day chart

digital-look imported chart image
Additional information
Additional Information
Market:
Sector: Gold Mining
Epic: ASX:RED
News: Latest news
Web Site: Red 5
Other Articles: 04-12-200930-11-200923-11-2009

RSS - Subscribe to the News Today on Proactive UK ▼

Thursday March 18, 08:01SmartFocus, Amphion Innovations and National Milk Records confirmed for March 18 Forum

The presentations will start at 6:00pm and finish at approx 7:30pm. After the presentations are complete the directors will also be available to take questions during a free canapé and wine reception.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive NA ▼

Thursday March 18, 01:14Cisco remains at the forefront of internet infrastructure

The stock has recently managed to breakout above the long term resistance found at the $25 level which should now provide support for any pullback before the share price drives higher

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive CN ▼

Monday March 15, 08:01China's growth boosting commodity prices

The latest economic figures from China have put pressure on the dollar and boosted a number of high-yielding currencies, including the Australian dollar and the South African rand.

FULL ARTICLE ►
Red 5

Red 5

Red 5 Limited is a Perth, Western Australia based gold exploration company whose shares are traded on the Australian Stock Exchange (ASX: RED). The Company has significant gold assets offshore and has the intention to move to producer status at the earliest opportunity.

Friday, December 04, 2009

Red 5 receives Siana Gold Project financing

company news image

Red 5 (ASX: RED) has finalised a $45 million equity raising, together with the award of an exclusive mandate to consummate an innovative financing package of US$40 million, leaving the company financially closer to delivering full funding for the development of the Siana Gold Project.

Importantly, the total package includes conservative capital cost over-run and working capital provisions. Total gold delivery commitments are minimal and less than one tenth of those normally required with conventional project finance.

The Siana Gold Project is located in the Surigao District of the Philippines.

The equity placement of 290 million ordinary shares at 15.5 cents per share was made to professional and sophisticated investors by Petra Capital in Australia, Singapore and Hong Kong and Southern Cross Equities in London, for proceeds of A$44,950,000 before costs.

The issue will be conducted in two tranches with 98 million shares in Tranche 1 (A$15,190,000) to beissued immediately after receipt of funds and 192 million shares in Tranche 2 (A$29,760,000) subject to shareholder approval.

The equity placement was over subscribed with thirty one new institutions joining the register.

The Company has also exclusively mandated Deutsche Bank AG, Sydney branch and Ashmore Investment Management Limited, a subsidiary of Ashmore Group plc, in relation to an US$40 million senior secured financing for the project, following which any financing commitment will be subject to normal detailed due diligence and all necessary approvals.

Ashmore is a leading emerging markets fund manager based in the UK, with US$31 billion under management worldwide.

The company has a long standing association with the Philippines, having invested in hard assets across a wide range of industries includingmining, oil refining, telecommunications, transport and high end commercial and residential developments.

The Red 5 Limited Board, post receipt of the Notice to Proceed, committed to the commencement of early infrastructure development expenditure from existing treasury funds of
A$21 million.

Tenders for construction and mining contracts will be issued next week.

AddThis Feed Button
Register here to be notified of Proactiveinvestors One2One Forums.

Other Red 5 news

More news ►

Investors interested in Red 5 recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content 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 further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. 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.