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Monday, 11th May 2009 (1160 views)

Citadel Resource Group has announced that shareholders have voted "overwhelmingly" in favour of a A$22 million (£11.1 million) capital raising.

During an emergency general meeting in Melbourne, investors approved around 25 per cent of a share placement totalling 213,456,000 and raising A$22,412,880 before costs.

Funds generated will be used to develop Jabal Sayid, a gold heap leach project in Saudi Arabia.

Mining at the joint venture property is due to commence by the end of 2009, with the first gold expected in early 2010.

Managed by Petra Capital, the placement was largely made to Australian institutional shareholders.

Based in Australia and focused on gold projects in the Arabian Shield, Citadel Resource Group is an emerging producer with plans to become a diversified mining company.

The firm is carrying out drilling at two of its eight gold properties and intends to complete study work in order to start gold production next year.

 

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