Anatolia Minerals Development (ANO-T, ALIAF-O) will raise $51.8 million in a financing led by RBC Capital Markets to help fund its Copler gold project in Turkey.
RBC is leading a syndicate of underwriters that have agreed to buy 23 million Anatolia shares at $1.85 apiece and sell them to the public.
Anatolia has granted the underwriters an option to buy another 3.45 million shares at $1.85 per share to cover overallotments and for market stabilization purposes.
The company had originally announced the financing would be worth $42.6 million, but just hours later increased that amount to $51.8 million.
Earlier this month, Anatolia announced it had been approved for a US$62.5-million debt facility through UniCredit Group, out of Europe.
The company needs US$170 million to complete the first phase of development for the Copler project, 110 km north of Malatya, the capital city of Malatya province in the Eastern Anatolia region of Turkey. At the end of the third quarter, the company reported it had US$86 million in cash and equivalents. The loan and bought-deal financing together should give the company enough to advance Copler, adding about US$104.8 million to its treasury.
The company aims to mine about 113,000 oz. gold per year over an eight-year mine life.
The project has reserves of 40.8 million tonnes grading 1.65 grams gold per tonne and 3.75 grams silver for 1.3 million oz. gold.
Commissioning is expected in 2011.
Anatolia shares were up 10¢ on Jan. 23 to $2.10 on a trading volume of 1.2 million shares.
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