14/03/2007
As foreshadowed by Growth Company Investor, Centamin Egypt is raising the equivalent of £38 million for its Sukari gold project.
AIM-quoted Centamin, headed by Aussie-accented Josef El-Raghy, is raising the money through a placing primarily in Canada and the USA, with Westwind Securities as lead agent and Evolution Securities as sub-agent in the UK. The C$140 million placing, priced at 86 Canadian cents, or 38p, has been allocated and is to be closed in two tranches, on 29 March and around 11 April.
The proceeds will go towards funding the development of Sukari, which is estimated to hold 8.26 million ounces of gold, into ‘Egypt's first modern gold mine’. Centamin shares, recommended by GCI as a ‘punt’ at 10.25p in July 2004, hit 41p last week and now trade at 40.5p, down 0.25p today, valuing the company at £235 million.
Partial profit-taking might be prudent, though there could well be more gains in the longer term.
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