Katoro Gold PLC (AIM: KAT)
, the gold and nickel exploration and development company, announced on the 25th June
that they has raised £1.1m (gross), through an oversubscribed placing and subscription of new ordinary shares at 1.5 pence per share (the 'Fundraise').
Today we have Louis Coetzee, Executive Chairman of Katoro giving an update to investors about the oversubscribed placing.
The recent disposal of the Imweru Gold Project to Lake Victoria Gold Limited ('LVG') has enabled Katoro Gold to focus on its core assets - The Blyvoor Gold Project and The Haneti Polymetallic Project. With both the Blyvoor and Haneti projects at a pivotal moment in their development / commercialisation, our bolstered financial strength now enables the company to accelerate the development strategies for all projects aggressively.
Louis Coetzee, Executive Chairman of Katoro Gold plc commented:
"I am delighted with the support shown from our current shareholders and welcome a number of new high net worth investors to our register. This is indicative of the significant progress Katoro Gold has made over the last 6 months on our strategic base and precious metal portfolio. The Company is particularly pleased that funding in the latest oversubscribed placing was offered directly to the Company, originating from current and new high net worth investors who are eager to see the developing business model gain further traction."
"The board believes that the Katoro projects hold the potential for near term cashflow generation, royalty streaming and tier-one exploration discoveries. The oversubscribed placing, augmented by the proceeds of the recent sale of Imweru, provides Katoro with the ability to drive forward at pace on multiple fronts".
"The Company will provide the market in the near term with further updates related to progress on our core projects."