Serabi Mining secures funding to pay for development work at Palito
10 November 2009
Serabi Mining has raised £2.4 million in order to fund follow-up exploration work around its Palito gold mining project in Brazil.
The company was forced to suspend underground operations at the mine in September 2008 after production levels slumped. Work at the mine had continued since then but Serabi has made no secret of its wish to find a partner for the project or raise more cash.
Today’s fundraising comprised a placing of 139,867,833 new shares along with the arrangement of a £300,000 convertible facility. The company is also planning an open offer to raise £300,000, which would enable existing shareholders to participate on the same terms as the placing.
Mike Hodgson, Serabi’s chief executive, said: “The proceeds will be used to enhance the Palito project by investigating and evaluating a series of anomalies which have already been identified by the company.”
Hodgson said he was confident that the funds would enable the company to make further discoveries and provide shareholders with the potential for future growth of the business “after what has been a difficult year”.
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