Red 5 Ltd has tapped Canaccord Genuity to raise $80 million in fresh equity.
Serial raiser Red 5 Ltd has tapped Canaccord Genuity to raise another $80 million in fresh equity.The deal’s expected to be done via a two-tranche placement of new shares at 13.5¢ each.Funds raised would be used to shore up its balance sheet. The group had $26 million in cash and bullion at December 31.Red 5 completed the construction of its King of the Hills project and produced the first gold in June last year.
But it had struggled with higher costs in ramping up production, raised $60 million to help in September, and had spent the bulk of it by the end of the year. Red 5 provided an operational update at King of the Hills last week, telling investors it finished January strongly. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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