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Subject: Red Back to raise $3.6m---2/10/03 By: Rikki Bannan--low 51c 2/10/03--finish 52c vwap 51.65 Author: 45c per share ----400,000exercisable at 50 cents per share and a 6.5% commission. [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 2/10/03 1:17:47am In reply to: http://www.stockhouse.com/bullboards/viewmessage.asp?no=4999304&tableid=2 's message, "Red Back opens Chirano mine29/09/03 By: Adam DawesRed Back Mining NL shares are 2c or 4% higher at 52c at 1030 AEST" on 29/09/03 4:50:04am Red Back to raise $3.6m 2/10/03 By: Rikki Bannan Red Back Mining (RBK) today announced it will raise $3.6 million through the private placement of 8 million shares to North American institutions. The 45c per share offer has been made to clients of Canadian investment dealers Haywood Securities Inc and Griffiths McBurney &Partners Inc. Fees payable to Haywood and Griffiths McBurney for managing the placement comprise the issue of 400,000 two-year options to acquire fully paid ordinary shares exercisable at 50c each, and a 6.5% commission. Today’s deal follows the $1.8 million raised in mid-August through the placement of 4.5 million shares to European institutions and its major shareholder Macquarie Bank (MBL). At 40c per share, the funds were to be added to working capital, as well as additional exploration at its Chirano Gold project in Gahna. Red Back last week announced the completion of a Bankable Feasibility Study for its 95% owned Chirano Gold Project. Inferred resources indicated 30.4 million tonnes grading 2.1 grams of gold per tonne for a total of 2.1 million ounces. However, the mine plan has been completed on the basis of just 930,000 ounces over six and a half years. At 1533 AEST Red Back Mining shares were trading unchanged at 52c. • $3.6M capital raising completed to North American institutions The directors of Red Back Mining NL (ASX : RBK) are pleased to announce a capital raising of $3.6 million through a private placement of 8 million fully paid ordinary shares at 45 cents per share to institutional clients of Canadian investment dealers Haywood Securities Inc. and Griffiths McBurney & Partners Inc. The placement is subject to standard closing procedures by the investment dealers prior to the closing date. Fees payable at the closing date to Haywood and Griffiths McBurney for managing this placement will comprise the issue of 400,000 two year options to acquire fully paid ordinary shares exercisable at 50 cents per share and a 6.5% commission. Red Back has completed a Bankable Feasibility Study for its 95%-owned Chirano Gold Project in Ghana based on Measured Indicated and Inferred Resources of 30.4 million tonnes grading 2.1 grams per tonne for 2.05 million ounces. ROSS ASHTON Managing Director [ Next Thread | Previous Thread | Next Message | Previous Message ]