Vatukoula Gold Mines has updated the market on the investment agreement with Zhongrun International Mining to provide US$40 million (FJ$75 million) of funding.
This is to implement the capital investment plan at the Vatukoula Gold Mine originally announced last month.
The first tranche funding of 188,897,000 of new ordinary shares at a price of US$0.07 (FJ$0.13) per share for gross proceeds of approximately £13 million (FJ$38.3 million) has been approved by Vatukoula and Zhongrun shareholders.
The company is now awaiting receipt of funds from Zhongrun and will then announce the completion of the first tranche and admission of shares to AIM.
Zhongrun is awaiting approval of the transfer of funds by the State Administration of Foreign Exchange (SAFE) of the People’s Republic of China.
This is expected to be received by the end of the month.
– StockMarketWire
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Vatukoula Mines move forward on funding deal
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