Australian gold company CGA Mining plans to raise C$17m through a private placement offering of its shares.

The proceeds will be used to support production during initial months at the Masbate Gold Mine in the Philippines, which is expecting its first shipment delivery later this week.

The shares will be issued at C$1.35 a share (A$1.54).
Haywood Securities will act as the agent for the placement offering, which is scheduled to close on or around 12 June 2009.

By staff writer.