LONDON (Alliance News) - Golden Saint Resources Ltd said Tuesday that it has raised GBP170,000 in a placing of 680 million shares at a price of 0.025 pence each, which it will use for general working capital.
Shares in the company were down 8.0% at 0.0345 pence Tuesday afternoon.
Following the completion of this placing Golden Saint has begun preparations to restart a bulk sampling programme at its Tongo project in Sierra Leone, which it had put on hold due to heavy rains and its decision to conserve cash resources.
Golden said said that sales of diamonds and gold it was expecting to make in the latter part of 2015 are now expected to begin in 2016 as a result of constraints on its cash resources, and the fund raising will help accelerate these sales.
Additionally, the company will soon be submitting documentation for the renewal of three of its exploration licences due to expire between November and January next year.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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