LGL launches US$325 million Institutional Placement Lihir Gold Limited (LGL) has launched an institutional share placement to raise approximately US$325 million.
The proceeds will be used for the following purposes:
- to accelerate key stages of the planned process plant expansion at Lihir Island in PNG, taking advantage of changing market conditions that have led to reduced prices and shorter lead-times for components;
- to position the company for further growth opportunities that emerge, including in West Africa; and
- to provide continued financial strength and flexibility for the group.
The placement will be conducted by way of an institutional book build and will be made available only to accredited or sophisticated investors. The new shares will be issued to participants on 12 March 2009 and will rank equally with existing LGL shares.
Following the placement, LGL will offer eligible shareholders the opportunity to participate in a non underwritten Share Purchase Plan ( SPP ). The SPP will provide shareholders with the opportunity to subscribe for up to A$5,000 worth of LGL shares without incurring brokerage or other transaction costs. Further details of the SPP will be provided in due course.
http://www.lglgold.com/asp/index.asp
Tags: LGL, Lihir Gold, Share Purchase Plan, SPP
