Join our daily newsletter At The Bell to receive exclusive market insights
- OreCorp has announced a placement of $13.3 million to raise funds to complete the acquisition of the Nyanzaga Gold Project
- Through the placement, the company will issue 53.1 million shares with an issue price of 25¢ per share
- The funds raised will go towards the acquisition of the Nyanzaga Gold Project and further work on the Hobbes Project
OreCorp has announced a placement of $13.3 million to raise funds to complete the acquisition of the Nyanzaga Gold Project.
Through the placement, the company will issue 53.1 million shares with an issue price of 25¢ per share.
The new shares will be allocated on Friday, August 23 in a single tranche. Euroz acted as Sole Lead Manager and Bookrunner to the placement.
The funds raised will go towards the acquisition of the Nyanzaga Gold Project and further work on the Hobbes Project.
Nyanzaga is a gold development project in northwest Tanzania in east Africa. OreCorp is currently working with Tanzanian authorities to obtain approvals.
The Project is situated in the Archaean greenstone in the Lake Victoria Goldfields and lies approximately 60km east of the Geita Gold Mine. The Nyanzaga Deposit offers the possibility for both open pit and underground gold mining.
Nyanzaga has a prediction of average gold production of 213koz per annum over 12 years.
The Hobbes Gold Project is located approximately 130km northeast of Kalgoorlie along the Archaean Eastern Goldfield Province. With the funds, the company plans on infill drilling at the Hobbes Prospect.
OreCorp is a development and exploration company based in Perth, Western Australia.
It’s key projects are the Nyanzaga Gold Project, the Hobbes Project and the Akjoujt South Nickel-Copper-Cobalt sulphide Project in Mauritania.
CEO Matthew Yates is delighted with the support from investors.
“The Board of OreCorp was delighted with the continued support received from institutional investors who are keen to be a part of the development of the Company’s various projects,” he said.
