25 May 2012

Serabi doubles on Eldorado deal

16/06/2010 Ben Jaglom

Shares in Brazilian gold explorer Serabi Mining more than doubled this morning on news Eldorado Gold Corporation has taken a near-27 per cent stake.

Serabi is issuing 120 million new shares to Eldorado at 3p in a deal which will bring the Canadian gold producer a 26.8 per cent stake in the AIM-traded resources business. At the same time, Serabi has granted Eldorado warrants exercisable, at any time over the next two years, at 4p per share.

Bossed by CEO Mike Hodgson, Serabi plans to use the £3.6 million proceeds to fund further exploration at the Palito Mine, where activity was suspended in 2008 due to a lack of equipment and Serabi's lack of sufficient working capital, as well as to support further survey work at other exploration targets.

Serabi shares have proved a volatile ride in recent years, having fallen from 54.5p in 2006 to a meagre 0.43p in 2008 following the suspension of mining in Brazil. This morning however, they sparked up by more than 110% to 2.5p, as investors warmed to the Eldorado news.

Tags: AIM, Commodities, Fundraisings

Sector: Mining

Companies: Serabi Gold

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