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Resolute Mining looking to raise up to A$196M to repay US$130M debt

Resolute Mining Ltd. is looking to raise up to A$196 million via an equity raising to repay a US$130 million finance facility from Taurus Funds Management Pty. Ltd. before the repayment deadline of Jan. 31.

The company secured the financing facility in July 2019 to fund the cash component of its acquisition of Toro Gold Ltd.

Resolute will target A$146 million through a fully underwritten institutional placement, A$25 million via a placement to the company's directors and largest shareholder, ICM Ltd. Group, and up to A$25 million through a share purchase plan.

The shares will be issued at A$1.10 per share, a 6.4% discount to the Jan. 20 closing price of A$1.175 per share.

Resolute Managing Director and CEO John Welborn said the repayment will save the company extension fees and interest payments and allow it to refinance debt facilities this quarter.