Additional Information
Market: ASX
Sector: General Mining - Gold
EPIC: PGI
Latest Price: A$0.15  (3.45% Ascending)
52-week High: A$0.20
52-week Low: A$0.13
Market Cap: A$96.04M
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PanTerra Gold
panterragold.com/site

PanTerra Gold (ASX: PGI), formally known as EnviroGold, is a near term gold producer at its Las Lagunas project in the Dominican Republic with construction scheduled for completion in December 2011. The project has an expected life of seven years at an annual production rate of 65,000 ounces of gold and 600,000 ounces of silver.

 

PanTerra Gold is also active in Ecuador with the advanced Azuay Gold Mining project and the San Gerardo Gold Mining prospect. At the Azuay project, construction is targeted to commence in mid 2012.

Pdf

EnviroGold raises additional capital at premium to market

31st Mar 2011, 11:57 pm

Near term gold producer EnviroGold (ASX: EVG) has managed to raise $2.55 million at $0.15 today, a 7.1% premium to the market price.

Fresh from signalling an intention to list on the Toronto Stock Exchange to tap an investor base closer to its Latin American operations, the company has placed 7,000,000 shares to Dubai based Jubilee Company at $0.15 each to raise $1,050,000.

EnviroGold executive chairman Brian Johnson's company Tristar Holdings Pty Ltd has acquired 10,000,000 shares at $0.15 through the conversion of options.

The option conversions were made at this time, rather than at the end of the year when they could be expected to be exercised (expiry 31 December 2011), and will reduce the requirement to place additional shares to meet the year’s exploration program in Ecuador and the Dominican Republic.

The company is in discussion with a number of option holders to exercise in the near term, for the same reasons.

An application will be made by EnviroGold for a dual listing on the Toronto Stock Exchange in two to three months. The proposed listing is expected to coincide with a placement of around 7% of the Company’s shares (30 to 40 million) to Canadian investors to create initial liquidity in the local market.

Funds raised will be applied to this year’s exploration program in Ecuador and the Dominican Republic. A Toronto based stockbroking firm will be appointed shortly to sponsor the listing and effect the proposed share placement.

Companies listed on the Toronto Stock Exchange with projects in Latin America often trade at higher valuations given the understanding of political issues, geological potential, and the widespread activity of Canadian mining companies in Latin America.

Macquarie Bank is a substantial shareholder of EnviroGold with 5.95%.

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