Sihayo Gold Limited To Undertake A$15 Million Placement To Fund Ongoing Expenditure
14.04.2011 | ABN Newswire
16:49 AEST Apr 14, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Sihayo Gold Limited (ASX: SIH) is pleased to announce that it intends to undertake a placement of new shares to institutional investors, including existing major shareholders, to raise approximately A$15 million. Proceeds raised will allow the Company to pursue further resource definition drilling at the Sihayo Pungkut Gold Project, resource exploration drilling across multiple 'high impact' exploration targets and complete the Definitive Feasibility Study ('DFS') before making a final investment decision, expected later this year.
The non-underwritten placement will be conducted by way of a fixed price offer at A$0.20 per share, representing a 7% discount to the last closing price on 14 April 2011, and will result in a maximum issue of approximately 75 million ordinary shares.
The placement is expected to be completed overnight with settlement taking place on Wednesday, 27 April 2011 with quotation on Thursday, 28 April 2011. The new shares to be issued under the placement will rank equally with existing ordinary shares in Sihayo from their date of issue.
Morgan Stanley is acting as sole lead manager to the placement.
About Sihayo Gold Limited:
Sihayo Gold Limited (ASX: SIH) is a mineral exploration company with exploration projects in Indonesia.
With recent exploration successes at the company's Sihayo Gold Project, the Board of Sihayo Gold is focused on developing Sihayo Gold to a mining stage to generate maximum shareholders value.
Sihayo Gold is managed by a highly skilled and dedicated team. This team is firmly committed to increasing the value of the company through focused exploration on projects in highly prospective regions.
Management has assembled a high quality portfolio mineral asset that provides an excellent foundation for the company to move from explorer into miner.
Contact:
Paul Willis
Chief Executive Officer
Sihayo Gold Limited
Tel: +61-8-9368-4544