Marengo completes $5.5M capital raising

28 August 2007 | 06:15 Code : 15110 Geoscience events
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Marengo Mining Ltd has completed the first tranche of its placement of up to....

  Marengo Mining Ltd has completed the first tranche of its placement of up to 41,666,667 ordinary shares at a price of $0.36 per share for gross proceeds of approximately $15,000,000.Pursuant to the first tranche of the offering, Marengo completed a brokered private placement of 15,277,777 ordinary shares at a price of $0.36 per share for gross proceeds of approximately $5,500,000 through its agent, Paradigm Capital Inc of Toronto, Canada.The second tranche of the offering is a non-brokered private placement of up to 26,388,890 ordinary shares, also at a price of $0.36, for gross proceeds of approximately $9,500,000 primarily to existing and new Australian, and international, institutional, and professional investors. This second tranche of the offering will be completed upon receipt of shareholder approval at a meeting of Marengo’s shareholders, scheduled for 5 September 2007.Marengo intends to use the proceeds from the offering to continue to fund a bankable feasibility study on Marengo’s 100% owned Yandera Copper-Molybdenum Project in Madang Province, Papua New Guinea and for general working capital purposes.

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