By Sheri Kasprzak
New York, May 30 - Emperor Mines Ltd. closed the first tranche of a A$40 million private placement for A$39.04 million.
The company has sold so far 97.6 million shares at A$0.40 each to a group of institutional and sophisticated investors and will sell another 2.4 million upon shareholder approval.
ABN Amro Morgans and Bell Potter Securities Ltd. were the placement agents.
The proceeds will be used for the development of the Vatukoula and Tolukuma gold mines, for exploration on tenement holdings in Papua New Guinea and for debt reduction as well as for working capital.
Based in Queensland, Australia, Emperor is a gold exploration and development company.
| Issuer: | Emperor Mines Ltd.
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| Issue: | Stock
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| Amount: | A$40 million
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| Shares: | 100 million
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| Price: | A$0.40
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| Warrants: | No
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| Placement agents: | ABN Amro Morgans and Bell Potter Securities Ltd.
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| Announcement date: | May 30
|
| Stock symbol: | Australia: EMP
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| Stock price: | A$0.40 at close May 30
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