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December 14, 2021updated 07 Jan 2022 6:49am

Firefinch raises $71.2m for Morila project in Mali

The company aims to increase Morila gold production to more than 100,000 ounces next year.

Gold miner and lithium developer Firefinch has completed a $71.2m (A$100m) institutional placement to accelerate production growth at the Morila project in Mali.

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In a statement, the company said that the oversubscribed placement of fully paid ordinary shares generated strong support from existing shareholders and new investors.

As agreed, Firefinch will issue 149.3 million new shares at A$0.67 per share. The placement settlement is scheduled for 17 December 2021 and the new shares are expected to be allotted and start trading from next week.

Firefinch managing director Michael Anderson said: “The overwhelming demand from both offshore and domestic institutions for this equity raising is a strong endorsement of our corporate strategy and testament to the underlying quality of Firefinch’s Morila and Goulamina Projects.

“We thank our existing shareholders for their ongoing support and welcome many new high-quality institutions to our register.”

The company aims to increase gold production at the Morila Project to more than 100,000oz next year. The production will eventually be increased to more than 200,000oz of gold in 2024.

The new proceeds will also help Firefinch to support exploration works at Goulamina Lithium Project, also in Mali. It will also facilitate the proposed demerger of the Goulamina Project into a separate ASX-listed company.

Anderson added: “2021 has been a transformational year for the company and this funding provides a tremendous foundation for further growth as we enter 2022.

“We are now well funded to deliver on our strategic vision of becoming a West African gold producer of scale, as well as developing the next major lithium project to enter production, ahead of our Goulamina demerger in the new year.”

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
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