[miningmx.com] – CENTRAL Rand Gold said it would place about six million new shares at 10 British pence per share in order to raise £600,000 in order to bolster its balance sheet.
It said it had cash on hand of about £700,000 and that its operations were cash neutral following restructuring that included the closure of its underground mining activities. It currently mines gold from surface.
Four Chinese companies are conducting due diligences on the Central Rand Gold’s properties which are on the southern outskirts of Johannesburg and represents some of the oldest workings of the Witwatersrand basin.
It said it March it had adjusted the completion date for bidding companies to June 12.
“The purpose of the realignment of the target completion date is to ensure that all … parties are working on a common timetable and have the ability to complete their required due diligence,” the company said in a statement.
