Gold developer OreCorp is set to raise A$56-million through an institutional placement to fund the development of its Nyanzaga gold project, in Tanzania.
The company is planning to place 70-million shares at a price of 80c to domestic and overseas institutions as well as sophisticated investors.
Proceeds from the placement will support OreCorp through the completion of the definitive feasibility study and pre-development activities of the Nyanzaga gold project as well as the exploration activities in Western Australia.
The placement comes after the Tanzanian cabinet recently approved the special mining licence of the Nyanzaga gold project.
The project is set to produce about 213 000 oz per year over a mine life of 12 years.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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