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Australian gold miner De Grey Mining said on Wednesday it had launched a A$600 million ($395.34 million) equity raising to meet a pre-condition to access debt financing for its Hemi project in Western Australia.
The equity raising will result in an issue of 545.5 million shares by the company, De Grey said in an exchange filing. The raising consists of an institutional placement of A$344 million and a 1 for 7.95 pro-rata accelerated non-renounceable entitlement offer for A$256 million.
The placement issue price of A$1.10 represents a discount of 15% to the stock’s last closing price of A$1.27 on May 7.
“Proactively finalizing the equity component of the (Hemi) project financing allows better planning and management of the forward capital works plan including near-term ordering of long-lead items and contractor appointments,” De Grey said in a statement.
The miner expects full construction activities at the Hemi gold project to start in the second half of 2024. It is targeting first gold production at the mine in the second half of 2026, when construction is expected to have finished.
($1 = 1.5177 Australian dollars)
(By Poonam Behura; Editing by Shailesh Kuber and Subhranshu Sahu)
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