Shanta to raise funds, restructure debt to fund Tanzania mine development, acquisition

June 20, 2017

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To significantly strengthen its financial position while it progresses the commercial underground production phase at its flagship New Luika gold mine (NLGM), in Tanzania, Aim-listed Shanta Gold has embarked on a proposed capital raising and a debt restructuring process. Seeking to raise around $14-million through a share placement and direct subscription scheme, CEO Toby Bradbury noted that the fundraising would provide the company with necessary financial headroom while it awaits the repayment of $12.5-million in outstanding value-added tax receivables from the Tanzanian government.

Category: General