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Pure Gold to raise C$30M

Troubled gold developer Pure Gold Mining has announced a non-brokered private placement at C15c for proceeds of C$30 million to provide funds to complete ramping up the PureGold mine in Ontario, Canada to 800 tonnes per day by the September quarter, reducing operating and sustaining capital costs by at least 30%, achieving sustainable positive site-level cash flow and completing critical trade-off studies in support of the updated mineral resource, reserve and life of mine plan by the end of the year.

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Pure Gold Mining's PureGold mine in Ontario, Canada

The company said its largest shareholder AngloGold Ashanti has yet to indicated whether it will invest to retain its 19.9% pro rata stake.