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Resolute Mining completes second tranche of ~$195 million equity raising

The company has maintained its guidance for 2020 which has been set at a production of 430,000 ounces of gold at an all-In sustaining cost of US$980 per ounce.

Resolute Mining Limited - Resolute Mining completes second tranche of ~$195 million equity raising
Resolute has increased gold poured during the March 2020 quarter relative to the previous quarter

Resolute Mining Limited (ASX:RSG) (LON:RSG) has successfully completed the second tranche of its ~$195 million equity raising launched in January 2020.

To complete the second tranche, Resolute today issued 7,743,797 shares to ICM Limited nominees at a price of $1.10 per share.

The ~$195 million equity raising comprised a two-tranche placement and share purchase plan (SPP) both of which received strong support from new and existing shareholders.

The tranche 1 institutional placement shares and the SPP shares were issued on January 30 2020 and March 3 2020 respectively.

Production increase in March quarter

Resolute increased gold poured during the March 2020 quarter relative to the previous quarter by 5,470 ounces to 110,763 ounces.

There were 119,683 ounces of gold recovered at the company's three operations, which was up 15% on the December 2019 quarter.

The production from Syama in Mali was particularly encouraging with 57,531 ounces of gold poured, up 23% on the previous quarter.

Despite the current COVID-19 pandemic, Resolute has maintained its guidance for 2020 which has been set at a production of 430,000 ounces of gold at an all-In sustaining cost of US$980 per ounce.

Quick facts: Resolute Mining Limited

Price: 1.195 AUD

ASX:RSG
Market: ASX
Market Cap: $1.56 billion
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