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Meekatharra gold funds sought

3rd Apr 2012

PERTH, Apr 3 – Aussie gold seeker Reed Resources has launched a $A40M equity raising offer to shareholders to fund two-thirds of the cost of bringing the Meekatharra gold project in Western Australia back to life.

The company intends to raise the remaining $20M as debt finance to allow the 100%-owned project to reach gold production in the December 2012 quarter.

The pro rata non-renounceable 3-for-4 shares offer, priced at 20c, is due to open on April 17 and close on May 2. The non-renounceable issue is fully underwritten.

Reed says the proceeds will be used primarily to fund the development of the Meekatharra project including the upgrade of accommodation facilities, refurbishment of the existing 3Mtpa plant, infrastructure, precommissioning and capital raising costs.

Since acquiring the Meekatharra project last year, Reed has completed a bankable feasibility study for a first-stage multiple openpit mine plan producing 95,000oz pa following mill refurbishment and accommodation and infrastructure upgrades.



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