Jabal Sayid - RC Rig Drilling Lode 1 Gossan
Melbourne, Mar 27, 2009 AEST (ABN Newswire) - Citadel Resource Group Limited (ASX:CGG) advise that it has successfully undertaken a capital raising.
Shares totaling 213,456,000 have been placed at 10.5 cents per share, raising a total amount of A$22,412,880 before costs.
The Placement was made mainly to Australian Institutional shareholders.
Petra Capital exclusively managed this capital raising.
The funds will be applied to the development of the Company's gold heap leach project at Jabal Sayid.
The Company plans to hold an extraordinary General Meeting of shareholders to approve approximately 25% of the share placement, which is in excess of the 15% limit. A date for the EGM will be finalized and announced shortly.
Jabal Sayid Copper Gold Project
The placement funds will be used to move into early gold production at the Jabal Sayid Copper Gold Project. Mining is planned to commence by the end of this year with first gold in the first quarter of 2010. Development activities will continue on the copper project during this year with project financing targeting completion by year's end and the award of the EPCM contract at the same time.
Contact
Citadel Resource Group Limited
Ines Scotland (CEO)
Tel: +61-3-8680-4609
ines.scotland@citadelrg.com.au
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