The Company expects to close the Private Placement on December 18, 2014.
The Private Placement is being executed with several of the Company’s largest shareholders including funds under management by BlackRock Investment Management (UK) Limited, Franklin Templeton Investments, and Colonial First State. A total of 10 institutional investors will purchase approximately C$32.2 million of the Offered Shares with insiders subscribing for the balance.
Diane Garrett, President and CEO commented, "We are very pleased some of our largest and longstanding shareholders have once again demonstrated their support and confidence in the Haile Gold Mine – a high grade, low cost, world class asset located in South Carolina, USA. The timing for this support ensures we have sufficient funds to defend our permits, if necessary, and fulfil our near-term contractual obligations."
Closing of the Private Placement is subject to receipt of approval of the Toronto Stock Exchange. The Offered Shares will be subject to a four month statutory hold period. The Company intends to use the proceeds from the Private Placement for working capital and general corporate purposes.
