Aureus Mining announced on Friday that it has conditionally raised approximately $72m via an equity fundraising to finance its transition to an owner-operator mining model, repay amounts due to Nedbank and FirstRand Bank, and to strengthen its balance sheet.
Gold production at Aureus Mining has continued to be hindered by breakdowns, mechanical issues and low equipment availability at the processing plant at its New Liberty mine in Liberia and with just $4.2m cash left at the end of the second quarter new management admitted the company "remains undercapitalised".
Aureus Mining has secured equity financing of $30m with MNG Gold Jersey, which it said will strengthen the balance sheet and fund working capital as it completes the restart of the processing plant at the New Liberty gold mine in Liberia.
West African gold producer Aureus Mining announced a fresh deferral to its debt repayments on Wednesday, allowing it more time to get its gold processing plant running.
Aureus Mining has suspended processing activity at its New Liberty gold mine in Liberia after a cyanide spillage.
Aureus Mining has formed a special committee to conduct a review of strategic options to enhance shareholder value.
Shares in Aureus Mining plunged over 12% early on Tuesday, after the gold explorer revealed it had to temporarily suspend production at one of its mine in Liberia.
Canadian based Aureus Mining widened its first half loss in the six months to June 30, down to $5.15m from $2.08m.
African Barrick Gold: Numis reduces target price from 330p to 270p keeping its hold recommendation.
Sub-Saharan Africa-focused miner Aureus Mining has reassured investors that no cases of the Ebola virus have been reported or suspected across its operations.
APR Energy: Goldman Sachs reduces target price from 1165p to 1039p, while upgrading to buy.
Aureus Mining: FinnCap lowers target price from 66p to 62p maintaining a buy recommendation.
AMEC: UBS ups target price from 1145p to 1200p maintaining a neutral rating.
Liberia-focused gold miner Aureus Mining has raised a total of 26bn dollars (15.6m dollars) to fund the development of its New Liberty gold deposit.
Abcam: Canaccord Genuity lowers target price from 386p to 375p, while upgrading from sell to hold.
AGA Rangemaster: N+1 Singer ups target price from 175p to 192p and maintains a buy recommendation.
Aureus Mining said it was on track to produce its first gold from a scheme in Liberia in the first three months of 2015.
Aureus Mining has agreed to a fundraising to support exploration activities within the company's Bea Mountain Mining License in Liberia.
AEC Education: WH Ireland places both its target price (prev.: 11p) and its recommendation under review.