Chaarat to raise $20m for Tulkubash heap leach project
Source - SMW
Chaarat Gold's board has decided to raise up to US$20n through a mixture of equity and short term senior secured convertible loan notes to optimise the development of the Tulkubash heap leach project.
It said that $15.0m of commitments had already been received including participation from management and directors of the company.
It said proceeds would be used to fundL
- Accelerated detailed engineering and ongoing development of the owner's team to ensure that the company was well placed to commence project construction in Q3 2018.
- Ongoing exploration to further extend the heap leachable resource base in the Tulkubash zone.
It said proceeds would position the company to deliver full construction financing in Q2 2018 and deliver effective execution of mine construction while continuously driving shareholder value through oxide resource expansion.
At 9:27am: (LON:CGH) Chaarat Gold Holdings Ltd share price was +2.51p at 23.63p