(MENAFN- ProactiveInvestors)
() has raised $1.02 million from its fully-underwritten 1-for-6 entitlement offer priced at $0.015 per share demonstrating shareholder confidence in the company and its activities.
The company received valid acceptances and shortfall applications for 68090111 shares or about 92.5% of the total entitlements offered.
The remaining 5517651 shares will be dealt with under the underwriting agreement with Baillie Asset Management Pty Ltd.
Last month Manas updated the economic parameters for its Shambesai Gold Project confirming that it is a low-cost high-margin project that can be commissioned quickly for a low capital cost.
Based on a gold price of US$1300 total life-of-mine costs (C3) after capital and tax are estimated to be US$720 per ounce of gold and an expected pay back of just 10 months from first gold production.
The Post-Tax Net Present Value is estimated at US$103M with a recalculated Internal Rate of Return of 106%.
Capex to first gold pour is estimated at US$41 million.
Net cash flow after capital taxes and royalties is projected at US$138 million from production of 241000 ounces of gold over a 4 ½ year mine life at a US$1300 gold price.
Average life-of-mine cash costs (C1 costs excluding revenue based royalties and taxes) of US$416 per ounce of gold placing Shambesai in the lowest quartile of cash costs for gold producers worldwide.
Permitting is largely completed allowing a start of plant construction immediately upon financing with a 9-month construction time to commissioning estimated.
Shambesai has a Ore Reserve of 2.4 million tonnes at 3.7 grams per tonne for 279000 ounces of contained gold and an overall Resource of 17.3Mt at 2.2g/t or 1184000 ounces of contained gold.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX emerging companies with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.