Sale of stock finances development of 18 level decline at Philip shaft
By Devika Patel
Knoxville, Tenn., May 31 - Vatukoula Gold Mines plc said it settled a £6 million private placement of shares.
The company sold 4.8 million ordinary shares at 125p each to Zesiger Capital Group LLP. The price per share is an 11.97% discount to the May 30 closing share price of 142p.
Proceeds will be used to develop the 18 level decline at the Philip shaft and fund the biomass power project.
The London-based company operates the Vatukoula Gold Mine in Fiji.
| Issuer: | Vatukoula Gold Mines plc
|
| Issue: | Ordinary shares
|
| Amount: | £6 million
|
| Shares: | 4.8 million
|
| Price: | 125p
|
| Warrants: | No
|
| Investor: | Zesiger Capital Group LLP
|
| Settlement date: | May 31
|
| Stock symbol: | London: VGM
|
| Stock price: | 130p at close May 31
|
| Market capitalization: | £117.35 million
|
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