Signature Metals to raise $16m for Ghana gold project

Signature Metals Limited, an Australian based minerals exploration company, is set to raise $16 million from its rights issue and placement to continue the exploration and development of the Konongo Gold Project in Ghana, its Managing Director Bill Oliver has said in a release today March 10, 2011.

According to Oliver, the company has secured firm commitments from subscribers to participate in the placement which will raise the said amount.

“The Company has secured firm commitments from subscribers to participate in a placement by which the Company will raise $9.2 million (before costs) through the issue of 278.9 million shares at an issue price of 3.3 cents each (Placement)”, Oliver said.

In addition to the Placement, Bill Oliver added “the Company will undertake a one-for-ten non renounceable entitlements issue at 3.3 cents per share to raise approximately $7.05 million (Offer).

By Ekow Quandzie