Silver Lake Resources seeks USD 70 million for Murchison gold and copper activities

Silver Lake Resources is set to raise up to USD 70 million to develop the Murchison Gold Project and accelerate copper exploration. The money will be raised through the placement of up to 20.6 million shares at an issue price of USD 3.40 per share to institutional and other sophisticated and professional investors.

The issue price is a 5.7% premium to Silver Lake’s 20 day volume weighted average price. Settlement of the placement is currently scheduled to take place on November 23rd 2011 with anticipated quotation and trading of the new Shares on the ASX on November 24th 2011.

Mr Les Davis MD of Silver Lake said that “We are delighted by the strong support received for the placement from a large number of existing and new Australian, North American and European institutional investors. Monies raised from the placement will be used to develop the Murchison Gold Project and accelerate copper exploration activities at the Eelya Complex. Our strategy has been to build a significant gold business based on exploration success and operating multiple mines at Mount Monger and the Murchison. This is a significant step in implementing this strategy.”  – Source: proactiveinvestors.com.au

Tags: Silver, Silver Lake Resources, silver mining, silver mining companies, silver mining industry

Posted by Silver Guru on Nov 20 2011. Filed under Silver mining. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry