Robust to raise A$25.5M to buy Talas gold-copper project in Kyrgyz Republic

By VCPOST Staff Reporter

Feb 10, 2014 10:50 AM EST

Precious and base metals exploration firm Robust Resources made an announcement on Monday about a A$25.5-million capital raise. The said amount will be used to acquire the Kyrgyz Republic's Talas gold-copper project, according to Creamer Media's Mining Weekly.

The ASX-listed explorer would raise the targeted capital via share issue at A$0.31 apiece. Under the rights issue, the firm was expected to issue over 82.2 million shares and gain a 44% increase in its shares, the report detailed.

In December 2013, Robust announced that it had inked a deal with a Gold Fields subsidiary to purchase the Talas project in a $5-million deal. Under the terms of the said deal, Robust would make an up-front payment of $2 million in cash, followed by shares worth $3 million. The deal also has additional considerations that would depend on the project's development, the report explained.

The Talas project is comprised of four mineral concessions that span across 36,854 hectares. Two of the said concessions share a border with the Andash gold-copper project of the Australian exploration firm, Creamer Media's Mining Weekly reported.

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