Rights issue to fund Reefton gold project

The company says the private placement to clients of Euroz Securities was at a price of A$1.17 per share to raise A$23.4 million. The shares are expected to be issued on April 18.

The 1 for 10 renounceable entitlements issue at A$1.00 per share will raise up to A$17.5 million. GRD says the issue will be fully underwritten by Euroz Securities and bring the total capital raised to A$40.9 million. Record date is scheduled for April 17.

The company says the new funds will be used to develop its Reefton Gold Project on the South Island's west coast and will also be available for the group's general working capital needs.

A prospectus for the issue is expected to be available by April 8. The shares under the private placement will not participate in the entitlements issue.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.