ASX-listed Amani Gold is set to raise A$7-million through a share placement to fund the development of its Giro gold project, in the Democratic Republic of Congo.
The gold developer said it received commitments from sophisticated and professional investors through the issue of 7 billion shares at an issue price of $0.001 per share.
Each participant in the placement will be offered one free attaching listed option exercisable at $0.0015 and expiring mid-January 2024.
Amani said the placement will be completed in two tranches.
The first tranche comprises 1.8-billion shares and will be issued under the company’s existing placement capacity.
The second tranche of the placement comprises a 5.2-billion share.
Funds raised from the placement will be allocated to the development and commercialisation of the Giro gold project, providing working capital and paying for the costs of the placement.
Funds will also be reserved for repayment of a A$2.1-million convertible note held by Neo Gold if Neo elects to be repaid the convertible note amount.
The Giro gold project comprises two exploration permits covering a surface area of 497km² and lies within the Kilo-Moto Belt of the DRC, a significant under-explored greenstone belt that hosts Randgold Resources’ 17 million-ounce Kibali group of deposits within 35km of Giro.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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