Funds from Perseus Mining, other investors for exploration in Guinea
By Marisa Wong
Madison, Wis., Sept. 28 - Burey Gold Ltd. will raise A$6 million through a placement of shares with local and overseas investors, including institutional funds and high net worth individuals, according to a company news release.
The company will sell 60 million shares at a price of A$0.10 per share, which represents a 20% discount to the Sept. 22 closing share price of A$0.125.
The placement will be completed in two tranches. The first tranche consists of 25 million shares to raise A$2.5 million and will be completed within a week. The second tranche for the remaining 35 million shares to raise A$3.5 million is subject to shareholder approval.
BGF Equities Pty. Ltd. is the agent and adviser.
The company's largest shareholder, Perseus Mining Ltd., has agreed to participate in the placement to the extent necessary to maintain its 19.89% interest in Burey, according to the release.
Funds, together with existing cash, will be used to carry out exploration programs across the company's mineral properties in Guinea.
Burey is a mineral exploration company based in Balcatta, Western Australia.
| Issuer: | Burey Gold Ltd.
|
| Issue: | Stock
|
| Amount: | A$6 million
|
| Shares: | 60 million
|
| Price: | A$0.10
|
| Warrants: | No
|
| Agent: | BGF Equities Pty. Ltd.
|
| Announcement date: | Sept. 28
|
| Stock symbol: | Australia: BYR
|
| Stock price: | A$0.135 at close Sept. 28
|
| Market capitalization: | A$23.62 million
|
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