Capital Raising to fund the ongoing mill expansion: Beadell Resources Ltd.’s (ASX: BDR) stock rose 1.818% on August 06, 2018 after the company announced about its plans to raise approximately A$11.8 million through the placement of approximately 218.3 million fully paid ordinary shares to international institutional and sophisticated investors. The fund raised will be used by BDR to retain its current long-term debt structure, and to fully fund the ongoing mill expansion, which is expected to be completed by November 2018.
Therefore, overall the fund will be used for the completion of the Tucano plant upgrade, working capital, general corporate purposes and 30% of net proceeds will be used for an outstanding loan to MACA Limited as per the terms and conditions of the loan agreement announced on 22 June 2018. The Placement of shares is expected to close on or around 14 August 2018. Meanwhile, BDR stock has fallen 20.29% in three months as on August 03, 2018.
Location of Sole gas field and other Cooper Energy Gippsland Basin interests (Source: Company Reports)
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