• Most Popular
  • Most Shared

UPDATE 1-Mineral Deposits to raise C$33.1 mln

Fri Mar 20, 2009 8:15am EDT

Stocks

   

March 20 (Reuters) - Australia's Mineral Deposits Ltd (MDM.TO) (MDL.AX) said it would raise up to C$33.1 million through a private placement of its shares to repay debt.

The company, which is developing the 3.5 million-ounce Sabodala Gold Project in Senegal, said it would issue 63.6 million ordinary shares at 52 Canadian cents each.

The proceeds, along with available credit lines, will be used to repay a $35 million working capital facility provided by RMB Australia Holdings Ltd and Macquarie Bank Ltd (MQG.AX), Mineral Deposits said.

Toll Cross Securities Inc and Cormark Securities Inc will act as co-lead agents to complete the private placement, the company said.

In September, Canadian gold miner Red Back Mining Inc (RBI.TO) said it had made a $27.5 million investment in Mineral Deposits and owned about 62 million shares, representing a 13 percent stake in the company.

Shares of Mineral Deposits closed at 75 Canadian cents Thursday on the Toronto Stock Exchange. ($1=1.233 Canadian Dollar) (Reporting by Krishna Chaithanya in Bangalore; Editing by Anne Pallivathuckal)



More from Reuters

Photo

U.S. retailers open past midnight in holiday push

NEW YORK (Reuters) - In the nights before Christmas, some U.S. retailers are opening their doors round the clock to wring out every last possible holiday sale. | Video

» More Top News
A glass of water taken from a residential well after the start of natural gas drilling in Dimock, Pennsylvania, March 7, 2009. Dimock is one of hundreds of sites in Pennsylvania where energy companies are now racing to tap the massive Marcellus Shale natural gas formation. REUTERS/Tim Shaffer

Not in my watershed: NYC

The biggest U.S. city wants the state to ban one of the most promising sources of U.S. energy -- and also one of the most contentious.  Full Article 

Green Business
Cannabis sativa plant is seen in Buenos Aires, August 21, 2009. REUTERS/Enrique Marcarian
Bernd Debusmann:

Obama, drugs, common sense

American attitudes towards drug prohibition – and above all, punitive laws on marijuana – are changing too fast for policymakers and legislators to ignore.  Commentary 

U.S.