This morning, the focus is on Saracen Minerals and the capital raising the company has announced late last week. The Company has placed $50 million of stock to the professional market and seeking a further $15 million from a shareholder purchase plan. The Funds raised are going to be used $25m on underground development at Whirling Dervish. $10m increase in exploration budget to $35m. $5m increase in short term underground development at Porphyry to $15m. $10m for working capital and potential acquisitions. Cathy Moises, discusses the capital raising, her current valuation on the company and her view now post the capital raising.
Evans and Partners is Lead Arranger and Joint Lead Manager on the current Saracen Minerals placement and received fees for acting in this capacity.
