De Grey raises A$600m for WA gold project
Western Australian gold explorer and developer De Grey Mining has launched a fully underwritten A$600-million equity raising, derisking the equity component of the financing for the Hemi project.
The equity raising comprises a A$344-million institutional placement and a 1 for 7.95 prorata accelerated nonrenounceable entitlement offer to raise A$256-million.
The equity raising will be conducted at a fixed, discounted price of A$1.10 a share.
De Grey says the equity component of the project financing allows for better planning and management of the forward capital works plan, including near-term ordering of long-lead items and contractor appointments.
The equity raising also satisfies a key precondition of access to debt financing.
“This equity raising will underpin our ongoing project debt financing workstreams which are progressing well. The significant level of support received from key stakeholders to date provides strong validation of the high-quality nature of Hemi and our strategy of becoming a material Australian gold producer,” comments MD Glenn Jardine.
The company plans to start full construction activities at Hemi in the second half of the year, and based on a two-year construction period, first gold production is expected in the second half of 2026.
Hemi will produce an average of 530 000 oz/y over its first ten years of production.
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