De Grey Mining announces a placement and Share Purchase Plan to raise AU$150 million

De Grey Mining Limited (ASX: DEG) launched a fully underwritten institutional placement to raise AU$130 million. The placement includes the issue of 130 million fully paid ordinary shares at AU$1.00 per new share. The issue price denotes an 8.3% discount to the last traded price & a 3.3% discount to the 5-day Volume Weighted Average Price.

In conjunction with the placement, the company also announced a non-underwritten Share Purchase Plan, in which Eligible Shareholders will be offered the opportunity to buy up to AU$30,000 of new shares in the company at an offer price of AU$1.00 to potentially raise approx. AU$20 million.

The fund raised from the placement and SPP will be used to complete the Definitive Feasibility Study at the Mallina Gold Project in preparation for a subsequent Final Investment Decision, discovery and extension drilling of the Project, targeting new discoveries and improved Project resources, and for the general working capital requirement.

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