Montage Gold has raised C$35.2m through a private placement to advance its Koné gold project in Côte d’Ivoire. The funds will be used for construction and exploration purposes. The company aims to become a leading African gold producer.
What began as an effort to raise C$20 million ($15m) by Montage Gold (TSXV: MAU) had by closing on March 12 ballooned to C$35.2 million ($26m). The company sold 50.3 million shares at a price of C$0.70 per share. Net proceeds of the private placement will be used to advance the 100%-owned Koné gold project which is nearing a construction decision in Côte d’Ivoire. A portion of the proceeds will be used to explore nearby targets and for working capital and general corporate purposes.
“We are very pleased with the strong investor demand received for our upsized non-brokered private placement, led by a significant investment from the Lundin family along with notable investments from directors and officers of Montage,” Montage CEO Martino De Ciccio said in a news release. “We look forward to progressing our strategy of building a premier multi-asset African gold producer, with our Koné project at the forefront.” The nearest major centre to the Koné project is Séguéla 80 km to the sout
Montage Gold Côte D’Ivoire Koné Gold Project Private Placement Construction Exploration African Gold Producer
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