A special warrant financing has raised $30.7 million in gross proceeds for Sutton Resources (STT-V).
About 2.4 million special warrants at $12.80 each were issued to a number of institutions. Each special warrant will be convertible into one share at no further cost.
Net proceeds of $29.4 million will be used to accelerate development of the company’s Bulyanhulu gold project in Tanzania, including early installation of a 970-metre-deep shaft, construction of all-weather roads to the property, and completion of a 120-bed camp for construction crews.
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