St Barbara says it received strong support from existing shareholders for its $124 million capital raising, with the gold miner today completing the retail component of the offer.
St Barbara has today revealed a $124 million rights offer, described as the next logical step for the gold miner's growth objectives, chief executive Tim Lehany said.
Gold miner St Barbara has confirmed it will stop open pit mining work at its Southern Cross mine in Western Australia by the end of the month as it looks at options to fund the redemption of $77 million of convertible notes.
Gold miner St Barbara, which holds operations in Western Australia, expects to extend its half-year loss to some $44 million as a result of write downs and lower carrying values of listed investments.
Higher exploration costs have dented gold miner St Barbara Ltd's full year earnings loss, which plummeted to a loss of $17.3 million, down from the previous year's net loss of $2.9 million.
Gold miner St Barbara Ltd is seeking to raise $100 million of new equity to fund further exploration and development of its Western Australian gold projects, including its recent Tower Hill discovery near Leonora and its nearby Gwalia mine.
Perth-based gold explorer Terrain Minerals Ltd has entered into a joint venture with West Perth gold company St Barbara Ltd to explore a 75km area near the company's Bundarra project.
West Perth-based gold company St Barbara Ltd has raised $19.2 million after selling its shareholding in AIM-listed Mercator Gold plc, with the knowledge of the UK-based miner.
