- Mid-tier gold miner OceanaGold (OGC) has entered a trading halt ahead of a capital raise announcement
- The details of the raise haven’t been released, with an announcement not expected until Friday
- Last week, the company added 60,000 ounces of gold to its Haile mine’s proven and probable reserves
- It also added around 120,000 ounces to its measured and indicated resource estimate which has extended the mine life into 2033
- In addition, the billion-dollar company is preparing to begin operations at its Horseshoe underground mine next year
- Company shares last traded for $2.36 on Tuesday, September 29
OceanaGold (OGC) has entered a trading halt ahead of a capital raise announcement.
The company will remain in the trading halt until the commencement of trading on Friday, October 2, unless the capital raise is announced earlier.
At this stage, there aren’t any details as to what the capital raise will be put towards.
Early last week, the billion-dollar company announced it added considerable reserves to its Haile gold mine in South Carolina, U.S.
Specifically, a total of 60,000 new ounces of gold was added to Haile’s proven and probable reserves, and around 120,000 to its measured and indicated resource estimate. This has extended the Haile mine’s mine life to 2033.
The announcement also detailed OceanaGold’s plans to begin operations at its Horseshoe underground mine in 2021.
Since 2007, around $1 billion has been invested into the Haile gold mine and the mid-tier gold miner will remain focused on ensuring the world-class mine remains a long-life mining asset.
At the end of the 2020 financial year, OceanaGold outlined its strategic focus for the near and long term is on its mining operations and investing in organic growth.
Company shares last traded for $2.36 on Tuesday, September 29.