Sunshine Metals (ASX:SHN) has closed its share purchase plan (SPP), raising an additional $7.69 million following a $19 million share placement.
The company has agreed to accept funds from shareholders, exceeding the $3 million target raising.
A total of 284.99 million shares will be issued from this SPP, expected to be completed today (28 May).
All eligible non-executive directors have taken up their $30,000 maximum allotment accepted on the SPP, which Sunshine says reflects “significant shareholder alignment”.
Along with proceeds raised in the placement, funds will be used to fund the cash consideration for the acquisition of the Mt Moss Operation, the Liontown mine start-up, exploration, resource development, and general working capital.
Sunshine’s next phase of development includes advancing the construction of Mt Moss, a processing facility adjacent to the Sybil and Liontown deposits.
Managing Director Damien Keys says the company is pleased with the support for the SPP, which will allow the company to advance its upcoming development focus.
“The current environment for gold is very strong, and producing gold from our high-grade Liontown Mine remains a priority for Sunshine,” Keys says.
“We intend to expedite construction and commence production in the shortest possible time.”
Sunshine Metals is a gold and base metals mining company with assets in Queensland.
Write to Maddison Elliott at Mining.com.au
Images: Sunshine Metals
