Gold producer Norton Gold Fields Ltd
(ASX:NGF) says it has raised $40.5 million through a placement to sophisticated investors in Canada, the US, UK and Hong Kong at 32.83 cents a share.
The company says the placement provides significant funding for its growth plans, including the Mount Morgan Mine Project in Queensland, and the capital program at Paddington including extensions for the Homestead underground project.
The placement is to be conducted in two tranches, the first tranche for 62.7 million shares will be issued this week and the second tranche for 60.7 million shares will be issued, subject to shareholder approval, following the company’s annual general meeting on November 30.
Chairman Anthony McLellan says the interest in Norton has been strong both domestically and internationally, and the placement at a premium to the market was oversubscribed.
Norton Gold Fields only net profit in the last five years was in 2008.
