JOHANNESBURG (miningweekly.com) – Mongolia-focused Xanadu Mines has raised A$12.2-million for its Kharmagtai copper/gold project and the new gold discovery at the Oyut Ulaan project, the company reported on Monday.
Xanadu raised the funds by placing shares at 20c apiece, with the placement having received strong support from existing institutional and sophisticated investors.
“Xanadu is in a privileged position with a growing Jorc-compliant gold-rich resource and new bonanza grades. The yield from our countercyclic approach highlights that now is the time to be leveraged to exploration upside and our discoveries are ready for the next boom,” commented CEO Dr Andrew Stewart.
The company had also agreed with Noble Resources that the remaining $1.5-million available under the finance facility announced in February, as part of the Kharmagtai acquisition, would not be drawn. The balance of $2.7-million remained due in July next year.
Edited by: Creamer Media Reporter
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
