8 Sep 2014 15:17
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Don't have an account? Click here to register.Aureus Mining secures $30m equity financing
Wed, 15th Jun 2016 15:26
(ShareCast News) - Aureus Mining has secured equity financing of $30m with MNG Gold Jersey, which it said will strengthen the balance sheet and fund working capital as it completes the restart of the processing plant at the New Liberty gold mine in Liberia.The $30m equity investment at 3.21p per share represents a premium of 22.3% to the closing price on AIM on Tuesday.MNG Gold will become a 55% shareholder in Aureus and appoint three representatives to the board.The shares to be placed with MNG Gold will be in two tranches, one of 59.5m shares and one of 331.1m, all at 3.21p per share.Following the completion of the placing, Aureus will have a new management team, with Serhan Umurhan to be appointed chief executive officer as current CEO David Reading resigns.Geoff Eyre, currently chief financial officer of MNG, will be appointed CFO of Aureus, while current CFO Paul Thomson will resign but stay on for 12 months in a consultancy role.Aureus said funds raised will be used to reduce outstanding creditor balances, bolster working capital and facilitate the ramp up of the processing plant which is scheduled to be restarted from mid-June 2016.Chairman David Netherway said: "Our board formed a Special Committee in January of this year to conduct a review of the strategic options available to enhance shareholder value. We believe that this transaction, which will result in MNG Gold becoming a major shareholder, will provide Aureus with an exciting future as we prepare to restart production at New Liberty and aim to optimise the asset to deliver on its full potential."MNG Gold has strong financial backing, operational experience and is an existing operator in Liberia. This transaction will recapitalise the company and places it in a much stronger position to move forward."At 1545 BST, Aureus shares were up 33% to 3.50p.
More News
8 Aug 2014 18:00
UPDATE 1-Miners battle to keep Ebola at bay in West Africa
* Contractors at ArcelorMittal Liberia iron ore ops declare force majeure * Aureus Mining, Tawana Resources send non-essential staff home * WHO says Ebola an international health emergency (Adds evacuation of ArcelorMittal contractors from Liberia) By Karen Rebelo Aug 8
Read more8 Aug 2014 08:35
Aureus Mining says no Ebola cases reported across its operations
Sub-Saharan Africa-focused miner Aureus Mining has reassured investors that no cases of the Ebola virus have been reported or suspected across its operations. While construction is continuing at its New Liberty gold project in Liberia, "non-essential staff" have been granted leave, including the ex
Read more8 Aug 2014 07:08
UPDATE 1-Aureus Mining says no Ebola cases suspected, takes precautions
(Adds background) Aug 8 (Reuters) - Gold miner Aureus Mining Inc, which is active in Liberia and Cameroon, said it was taking precautions to protect staff against the risk of Ebola, adding there were no reported or suspected cases of the virus across its operations. The company said c
Read more8 Aug 2014 06:40
Aureus Mining says no Ebola cases suspected, takes precautions
Aug 8 (Reuters) - Gold miner Aureus Mining Inc, which operates in Liberia and Cameroon, said there were no suspected or reported cases of the Ebola virus disease across its operations. The company said construction at its New Liberty gold deposit in Liberia continued and non-essential staff
Read more30 Jul 2014 09:50
Wednesday broker round-up UPDATE
Antofagasta: Westhouse Securities downgrades from add to neutral with a target price of 885p. Investec places its target price (prev.: 690p) under review, while keeping its sell recommendation. Aureus Mining: FinnCap lowers target price from 66p to 62p maintaining a buy recommendation. British Ame
Read more11 Jun 2014 10:09
Aureus Mining's New Liberty Gold Project On Track For Production
LONDON (Alliance News) - Aureus Mining Inc Wednesday said construction of the New Liberty gold project in Liberia remains on track to deliver first gold production in the first quarter of 2015. The gold-mining company, which has operations in Liberia and Cameroon and is building Liberia's f
Read more7 May 2014 12:16
Aureus Mining Appoints Louden Owen To Board
LONDON (Alliance News) - Aureus Mining Inc Wednesday said it has appointed venture capitalist Louden Owen to its Board of Directors to compliment its team as it completes construction of the New Liberty Gold Project. The gold-mining company, with operations in Liberia and Cameroon, said Owe
Read more28 Apr 2014 11:40
Aureus Mining To Drawdown USD32.0 Million Of Loan Facility
LONDON (Alliance News) - Aureus Mining Inc Monday said it is to draw down approximately USD32.0 million of its new USD100.0 million debt facility provided by Nedbank Ltd, FirstRand Bank Ltd and RMB Resources in a move that will finance the development of the company's New Liberty Gold project.Read more
24 Apr 2014 09:19
Thursday broker round-up UPDATE
AMEC: UBS ups target price from 1145p to 1200p maintaining a neutral rating. ARM Holdings: HSBC raises target price from 1080p to 1120p and keeps an overweight rating. Associated British Foods: HSBC increases target price from 280p to 310p and upgrades from neutral to overweight. Deutsche Bank rai
Read more17 Apr 2014 09:41
Aureus Mining Plans Owner Mining At Liberty Gold, Awards Contract To MonuRent
LONDON (Alliance News) - Aureus Mining Inc Thursday said it now plans to engage in owner mining at its new Liberty Gold project in Liberia and has awarded MonuRent Ltd a contract to provide and maintain fleet at the site. The gold-mining company, with operations in Liberia and Cameroon, sai
Read more15 Apr 2014 14:54
Aureus Mining raises 26bn dollars to fund New Liberty development
Liberia-focused gold miner Aureus Mining has raised a total of 26bn dollars (15.6m dollars) to fund the development of its New Liberty gold deposit. The company is to raise proceeds of $15m through an underwriting placing and a further $11.1m from an investment from International Finance Corporatio
Read more