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OceanaGold hopes to raise cash for Philippine, NZ mines

Fuseworks Media
Fuseworks Media

Wellington, Oct 5 NZPA - NZX-listed gold miner OceanaGold is hoping to raise $C115.5 million ($NZ151.7 million) in a private placement of Australian-listed securities to help fund its Philippine gold and copper mine, and extend its New Zealand gold mines.

Underwriters Macquarie Capital Markets Canada and Citigroup Global Markets Canada have agreed to purchase special warrants and common shares in OceanaGold, available as ASX-listed securities at the equivalent of $C3.50 each.

Each special warrant entitles investors to receive a Toronto-listed OceanaGold share.

The offering closes on October 20, and is conditional on approval from the Toronto Stock Exchange and other regulatory approvals.

The owner of the Reefton and Macraes gold mines was also considering further funding options to develop the Didipio project in the Philippines.

OceanaGold is listed on the Toronto, Australian and New Zealand stock exchanges, and has been placed in a trading halt. The shares closed in New Zealand yesterday at $5.02.

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