Anatolia Minerals Development (ANO-T) will raise $51.8 million in a financing led by RBC Capital Markets to help fund its Copler gold project in Turkey.
RBC is leading a syndicate of underwriters, which have agreed to buy 23 million Anatolia shares at $1.85 apiece and sell them to the public.
Anatolia has granted the underwriters an option to buy another 3.45 million shares at $1.85 per share to cover over-allotments and for market stabilization purposes
The $51.8 million was increased from an original amount of $42.6 million hours after the first announcement.
Earlier this month, Anatolia announced a it had been approved for a US$62.5 million debt facility through UniCredit Group, out of Europe.
The company needs US$170 million to complete the first phase of development for the Copler project, located 110 km north of Malatya. At the end of the third quarter, the company reported that it had US$86 million in cash and equivalents.
The company aims to mine about 113,000 oz. gold per year over an eight year mine life.
The project has reserves of 40.8 million tonnes grading 1.65 grams gold per tonne and 3.75 grams silver per tonne for 1.3 million oz. gold.
Commissioning is expected in 2011.
Anatolia shares were up 10¢ today to $2.10 on a trading volume of 1.2 million shares.
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