Caledonia mining private placement nears completion

Toronto-listed Caledonia Mining reports a partial closing on the European portion of its private placement of unsecured convertible debentures.

To date, $20.5 million of the planned $20.6-million placement has been completed. It is anticipated that the balance of the funds will be placed in the near future.

The proceeds will be used to expand Caledonia’s mining operations in Spain and Hungary and to conduct diamond, gold and base metal exploration programs in North America, Europe and Africa. The funds will also be applied to future acquisitions.