5 Dec 2012

OceanaGold announces capital raising move

7:49 am on 5 December 2012

Mining company OceanaGold has been placed in a trading halt while it is generating demand for shares.

OceanaGold has two open mines and one underground in the South Island, as well as joint mining and exploration licences in Australia, and a new mine in northern Philippines.

The firm has entered into agreements with several organisations to purchase 30 million shares for about $C93 million.

It is subject to approval, including from the Toronto Stock Exchange.

The offer is expect to close at some stage this month.

OceanaGold says it will use the proceeds to reduce debt and provide operating flexibility.