$220M placement to accelerate Dalgaranga restart investments
Spartan Resources has confirmed earlier reports of a A$220 million institutional placement as the company accelerates plans to restart its Dalgaranga gold project in Western Australia, with its cashed-up neighbour Ramelius Resources participating to increase its stake.The $220 million placement was priced at $1.32, a 5% discount to recent levels, and comes after Spartan raised $80 million at 58c in April.
The cash injection means the company can continue developing the Juniper exploration decline over the next few months while also kicking off the work needed to modify the existing plant, including the addition of a ball mill to cope with the harder underground ore and installation of a paste plant to support the full underground development.
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