Orosur Mining Inc - South American gold exploration and development company - Raises GBP4 million from oversubscribed placing of 23.5 million shares at 17 pence per share. Notes one warrant granted for every two placing shares. The new shares represents about 14% of existing share issue.
"The net proceeds of the placing will be used to fund the general working capital of the company, to strengthen the company's position in relation to the Anza project and to allow the company to evaluate and potentially pursue other attractive exploration projects," company adds.
Chief Executive Brad George says: "We are pleased and excited by the positive response from the investment community, as testament to how well the Anza project is viewed. This oversubscribed placement strengthens our balance sheet and will allow us to sustain our position with respect to the Anza JV for some considerable time as the current drilling program ramps up and continues into 2021."
Current stock price: 19.67 pence
Year-to-date change: up sharply from 3.25 pence
By Paul McGowan; paulmcgowan@alliancenews.com
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Orosur Mining (OMI)