ARES STRATEGIC MNG INC. (ARSMF)

[Handyman4545]

Aureus Mining shares higher as it completes US$76mln fundraise
10:13 06 Dec 2016

Aureus Mining Inc (LON:AUE, TSE:AUE) shares nudged higher as it issued a corporate update, saying its equity fundraise to bring in around US$76mln, as part of a refinacing, had completed.

In addition, its documents to change the company name to Avesoro Resources Inc have been filed and should take effect on Wednesday (December 7).

The fundraise was made up of a subscription from major shareholder and Turkish conglomerate MNG to the tune of US$60mln. The remainder came from a placing and broker option.

Also today, Aureus said its transition to an owner-operator model, as previously reported, was now complete.

Teething problems and issues with the tailings operation at the group's New Liberty mine in Liberia have meant commercial production was declared much later than anticipated.

Bu the mine is now running well, the firm has said.

Production in September was 6,000 ounces (oz) and the group is now targeting 100,000 oz in 2017 at an all-in-sustaining cost of US$845 per ounce.

http://www.proactiveinvestors.co.uk/companies/news/170040/aureus-mining-shares-higher-as-it-completes-us76mln-fundraise-170040.html