Australian gold mining company Evolution Mining (ASX:EVN)
has announced that it has successfully completed a $400 million institutional placement of approximately 104 million new fully paid ordinary Evolution shares to institutional investors at $3.85 per share.
As announced yesterday, the placement was undertaken to fund the acquisition of the Kundana Operations, a 51 per cent interest in the East Kundana Joint Venture, 100 per cent interest in certain tenements comprising the Carbine Project and a 75 per cent interest in the West Kundana Joint Venture from Northern Star Resources.
Ministerial approval has now been received under the WA Mining Act to transfer legal title of acquisition assets to Evolution, which means the transaction is now unconditional. Settlement of the institutional placement is expected to occur on Tuesday, 27 July 2021, with the new shares to commence trading on 28 July 2021.
Evolution’s executive chairman, Jake Klein said, “We are delighted with the level of support from shareholders for the Institutional Placement, reflecting their endorsement of this pivotal transaction that will transform Mungari to establish the operation as the fourth cornerstone asset in the Evolution portfolio.”
Shares in Evolution Mining (ASX:EVN)
are trading 4.9 per cent higher at $4.27.