And mineral resources explorer Apex minerals NL
(ASX:AXM) is also looking to raise equity after placing its shares in a trading halt ahead of an announcement regarding a proposed recapitalisation and restructure arrangement.
The company is planning to undertake a rights issue that it says will see it emerge debt free and with approximately $50 million cash to fund mine development and working capital.
The Australian Financial Review says it understands Apex is looking to raise around $108 million, $50 million to be used to develop its Wiluna mine.
The proposal will allow the company to implement the results of a recent operational review, which concluded that Apex will produce over 140,000 ounces a year once the mine is fully ramped up.
Apex says the proceeds from the raising will also allow it to diversify its sources of ore production from one zone to four.
Apex Minerals has posted losses over the last five years.
