Saracen Mineral Holdings Limited (ASX:SAR) has raised $50 million, and is looking to raise a further $15 million through a share purchase plan for a total $65 million.
Proceeds will fund an increased and accelerated exploration budget across the company’s tenement holdings, drilling and development work at Saracen’s Porphyry and Whirling Dervish mines and potential bolt-on acquisitions.
Red October and Butcher Well exploration spending will be boosted to $12 million, with the total exploration budget increasing to $35 million.
It’s hoped the new funding will allow the company to double gold production by 2015.
Saracen has swung from a full year net loss to a profit of $47.6 million to June 30, 2011, the company’s first full financial year of gold production.
