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Papillon Resources Ltd Announces Institutional Placement To Raise AUD52.9 Million


Tuesday, 19 Mar 2013 06:12pm EDT 

Papillon Resources Ltd announced that it has completed the bookbuild for a placement of 39,500,000 ordinary shares of the Company at an issue price of AUD1.34 per share to institutional and sophisticated investors in Australia, Asia, Europe and North America to raise gross proceeds of AUD52,930,000 (the Placement). RBC Capital Markets acted as Lead Manager to the Placement with Euroz Securities Limited and Argonaut acting as Co-Managers to the Placement. Proceeds from the Placement will be used to fast track the various planned development and exploration initiatives at the Company’s flagship Fekola Gold Project (Fekola or Project’) including: advancement of drilling and exploration activities at Fekola; completion of the Pre-Feasibility and Definitive Feasibility Studies for Fekola; permitting, licensing and commencement of early site works and infrastructure construction; and general working capital. 

Company Quote

1.7375
0.013 +0.72%
8:47pm EDT