Resolute Mining Ltd
(ASX:RSG) has announced the launch of an institutional placement to raise at least $150 million.
The company will issue a minimum of 76.5 million new ordinary shares, prices at $1.96 for each share.
Resolute says this is a 10.5% discount to the last closing price of $2.19, and an 11.1% discount to the 5-day volume weighted average price of $2.21.
This equity raising is for the purpose of Resolute advancing the development of its Ravenswood Extension Project in Queensland, and for drilling and evaluation activity at the Bibiani Gold Mine in Ghana.
Resolute Mining reported a net profit of $212.9 million at 30 June 2016.
