Company Overview and News
Cleveland Mining Company Ltd (ASX:CDG) has been granted a trading halt by the ASX this morning, with its shares placed in pre-open. Cleveland requested the halt pending details of a re-financing initiative. The halt will remain in place until the opening of trade on Tuesday 20th September 2016, or earlier if an announcement is made to the market.
Cleveland Mining Company Ltd (ASX:CDG) has raised $1.075 million via the issue of shares at $0.06 each from existing sophisticated shareholders. The funds will primarily be used to further the current drilling program at the Dona Maria prospect located within Cleveland’s O’Capitão project in Brazil. Cleveland will carry out drilling to lift the resource base and associated mine life of the O Capitão project as part of a process to re-finance the company and increase the project value.
Gold producer Cleveland Mining Company Ltd (ASX:CDG) is in the process of signing a pre-pay agreement to receive US$25 million from a large US based mining focused fund by delivering 32,400 ounces of gold within 42 months. The financing package, which is not yet finalised, will allow Cleveland to re-finance all existing debt. Cleveland is 50% JV partner of the Premier and O Capitão mines in Brazil where mining and production are underway.
Cleveland Mining Company Ltd (ASX:CDG) is a South American-focused miner with gold and iron ore projects in Brazil. The Crixás Hub in Goiás State in central Brazil is gold-focused. The Company holds binding Option Agreements for three iron ore projects in eastern Brazil with its Australian and Brazilian partners.