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Minera IRL closes C$33.1 million share placing

Last updated: 12:43 05 Mar 2012 GMT, First published: 13:43 05 Mar 2012 GMT

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South American gold miner Minera IRL (LON:MIRL, CVE:IRL) has closed its previously announced placing and raised C$33.1 million.

The firm's chairman Courtney Chamberlain said the offering had been well supported by existing and new shareholders and allowed the firm to "consolidate and build upon the progress it has made toward becoming a mid-tier gold producer by 2015".

As reported last month, the London and Toronto-listed group was to sell 26 million shares at C$1.13 a share.

Today, the company said that, including shares issued as a result of the exercise of an over-allotment, a total of 29.26 million shares were issued, raising gross proceeds of C$33.1 million.

Minera plans to use the proceeds, together with existing cash, to advance the Ollachea and Don Nicholas projects. The cash will also help fund exploration work across the rest of the portfolio.

Chamberlain added in today's statement: "In 2011 we added significant new gold resources, completed a successful pre-feasibility study on our flagship Ollachea gold project and, most recently, completed a successful feasibility study on our Don Nicolas project in Patagonia, Argentina. 

"During 2012 we expect to complete the full feasibility study at Ollachea, permit and commit Don Nicolas to development and continue with our exploration programs in Peru and Argentina," he said.

As at 1.40 pm, Minera shares were up 0.34 per cent, to trade at 72.75 pence.

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