Tweet
Perhaps they will have better luck with Citigold than they did with Citigroup...;)
Dubai Group buys 18pc stake in Citigold
Dubai Group announced today that it intends to acquire up to 18 per cent stake in Citigold Corporation Limited (Citigold).
The placement will make Dubai Group, the leading diversified financial services company of Dubai Holding, a strategic investor on Citigold’s share register.
The investment, which was made through its subsidiary Dubai Ventures Group, marks Dubai Group’s entry into the Australian market.
Financial details of the deal were not announced.
However, the deal is worth A$35 million, according to a report in The Australian newspaper. It will be raised through a staged securities placement to Dubai Group. An initial placement of 50 million shares at 20c a share will be followed by a convertible loan for $15 million and options to acquire shares by investing a further $10 million. The convertible loans and options are exercisable at 26c a share, the report said.
Citigold, listed on the Australian Stock Exchange (ASX) and the Dubai International Financial Exchange (DIFX), is a gold mining company with an estimated 10 million ounces in ore deposits, producing gold from Australia's richest goldfield at Charters Towers in North Eastern Australia. The capital injection is expected to add significant strength to its production capabilities and thereby boost gold production in the future, said a statement.
More...
Dubai Group announced today that it intends to acquire up to 18 per cent stake in Citigold Corporation Limited (Citigold).
The placement will make Dubai Group, the leading diversified financial services company of Dubai Holding, a strategic investor on Citigold’s share register.
The investment, which was made through its subsidiary Dubai Ventures Group, marks Dubai Group’s entry into the Australian market.
Financial details of the deal were not announced.
However, the deal is worth A$35 million, according to a report in The Australian newspaper. It will be raised through a staged securities placement to Dubai Group. An initial placement of 50 million shares at 20c a share will be followed by a convertible loan for $15 million and options to acquire shares by investing a further $10 million. The convertible loans and options are exercisable at 26c a share, the report said.
Citigold, listed on the Australian Stock Exchange (ASX) and the Dubai International Financial Exchange (DIFX), is a gold mining company with an estimated 10 million ounces in ore deposits, producing gold from Australia's richest goldfield at Charters Towers in North Eastern Australia. The capital injection is expected to add significant strength to its production capabilities and thereby boost gold production in the future, said a statement.
More...
Comment