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Cluff Gold PLC Completes shares offering

Cluff Gold (AIM:CLF)(TSX:CFG) announced on Wednesday what it said was the “successful” completion of share offering disclosed on the 7th of March.
Cluff said a “total of 25 million new ordinary shares of 1 pence each in the Company (“Shares”) have been placed by a syndicate led by Collins Stewart Europe Limited and GMP Securities Europe LLP as the “Lead Managers”, with Clarus Securities Inc. and Casimir Capital L.P. as special selling group members together with the Lead Managers collectively, the “Managers”, with institutions and other investors at a price of 92 pence per Share (the “Issue Price”).
The gold miner disclosed “gross proceeds of the Offering” which it indicated at GBP 23.0 million (approximately US$36.1 million) saying that the Shares issued pursuant to the Offering “represent approximately 18.9% of the Company’s issued ordinary share capital prior to the Offering”.
The issued Shares will be credited as “fully paid and will rank pari passu in all respects with the existing ordinary shares of the Company, including the right to receive all dividends and other distributions declared, made or paid after the date of issue” Cluff Gold said in the release.
Commenting on the offering Peter Spivey, Chief Executive of the Company said “I am delighted with the support for the Offering, which was oversubscribed, from both existing and new shareholders. This Offering will enable us to bring the newly acquired Sega project into production, accelerate the exploration program at Yaoure, and maintain and enhance the funds available for the current exploration programs at Kalsaka, Baomahun, Sega and Mamoudouya. It will also strengthen the Company’s balance sheet and allow the Company to fully capitalise on the significant growth opportunities that exist across our asset portfolio.”
The Company’s total issued share capital following completion of the Offering will comprise 157,047,937 ordinary shares with one voting right per share.

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