25 May 2012

Vatukoula scoops £7.4m

28/07/2010 Robert Tyerman

Fiji-focused Vatukoula Gold Mines has raised £7.4 million at a 10 per cent premium to the market for further exploration.

The AIM-quoted company, steered by entrepreneurial chief executive officer David Paxton, secured the money through broker WH Ireland at 1.85p a share and now says it has cash and cash equivalents of about £12 million.

Canadian investor Sprott Asset Management, a major Vatukoula shareholder, has backed the placing, most of which London-based Vatukoula indicates it will spend on drilling at its existing mine in Fiji between now and 2012 and on prospects in the South Pacific island's mineral-rich Tavua Cladera region. That will leave £1.6 million 'to strengthen the company's balance sheet'.

Lately, Vatukoula has been exceeding its production forecasts for the financial year to August, with 51,491 oz of gold recovered so far, against a 50,000-oz target for the whole year. The company says underground mining rates and gold grades have improved of late, with 12,940 oz recovered between 1 June and 21 July at an average grade of 9.45 grammes of gold per tonne of ore.

Vatukoula shares have swung between 2.59p and 1.05p over the past 12 months and now stand at 1.38p, valuing the company at £67.4 million. They have speculative appeal for the strong-nerved.

Tags: AIM, Commodities, Fundraisings

Sector: Mining

Companies: Vatukoula Gold Mines

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