Piedmont offering raises $2.8 m(US)

Under the offering, 1.45 million shares were purchased by Piedmont shareholders who were entitled to purchase one common share for each share currently held plus an additional two shares for each right exercised.

Shares purchased by institutional investors brought the number of shares sold under the offering (at $1 per share) to 2.87 million. As a result, the company has 14.2 million shares outstanding.

According to Piedmont Chairman Robert Shields, the company’s Haile gold mine near Hershaw, S.C., was almost untouched by Hurricane Hugo, which passed through the area Sept 22. Only a week of production was lost due to a power outage. “We only received about 3 1/2 inches of rainfall in the storm. The mine personnel were well-prepared and as a result Piedmont came through the storm relatively unscathed,” he said.

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