[miningmx.com] — VILLAGE Main Reef announced Thursday it is to place 10 million shares to fund the planned expansion of Consolidated Murchison.
It will place the new ordinary shares with institutional investors by way of a private placement.
It is expected that the ordinary shares will be issued at the current trading price and that the placement will be implemented over the next 30 days.
A portion of the capital raised would fund the further expansion of the Cons Murch Mine as stated in the circular to shareholders dated December 2 2010.
The balance of the capital will be used to fund Village’s working capital requirements.
Cons Murch, located near Gravelotte in the Limpopo province, is situated on one of the largest known antimony ore bodies and is currently one of the largest known antimony ore bodies in the world.
Together with antimony, the mine produces gold from its three operating shafts – Athens, Monarch and Beta.
