Capricorn Metals Ltd (ASX:CMM) is offering existing eligible shareholders the opportunity to participate in a share purchase plan to raise up to $3 million at an issue price of 6.3 cents per share.
The company is progressing activities at the development-ready Karlawinda Gold Project in the Pilbara region of Western Australia.
The Karlawinda project has been significantly advanced, de-risked and is now at a shovel-ready status.
Karlawinda – A new gold discovery in a premier mining district
Importantly, an increase to the working capital will allow Capricorn to further advance the project, amongst other corporate objectives.
Eligible shareholders recorded on the register at 5.00 pm Perth time on February 1, 2019, will be entitled to apply for the shares for a minimum investment of $2,000 and maximum investment of $15,000 free of brokerage and other related transaction costs.
Share purchase plan timetable
Karlawinda has a current mineral resource of 1.52 million ounces of gold, including an open pit reserve of 0.89 million ounces of gold.
All key approvals for the project are in place including native vegetation clearing permit, water extraction permits, works approval, mining proposal and mine closure plan.
Capricorn completed a competitive debt financing process during the December 2018 quarter which resulted in the execution of a committed credit approved letter of offer from Macquarie Bank to provide project facilities totalling $107 million.