Shanta Gold, the East Africa-focused gold producer, developer and explorer, has provided an update on its plans to finance the Singida Gold Mining Project in Tanzania.
“We are focused on bringing Singida into production through an asset-level financing that unlocks value for Shanta Gold shareholders while also allowing the company to retain a controlling interest in this valuable asset,” says CEO, Eric Zurrin.
“I am pleased with the initial feedback from institutional investors across East Africa who are seeking US dollar linked investments in support of industrialisation.
“Additionally, we are pleased to show our continued support to Tanzania, and hope that this IPO will offer Tanzanians a rare investment opportunity within their own mining sector.
“I look forward to providing further updates throughout 2019 as this unique funding opportunity progresses.”
- Singida Resources to proceed with a targeted US$20 million minimum equity offering via an IPO on the Dar es Salaam Stock Exchange (DSE)
- The IPO is expected to take 6-12 months to complete and is the result of encouraging feedback from recent investor roadshows by management in Tanzania, Uganda and Kenya
- An IPO prospectus has been submitted to the Tanzanian Capital Markets and Securities Authority (CMSA) and the DSE
- Shanta Gold will retain at least 51% ownership of Singida and will operate the Project
- Proposed IPO proceeds would finance the upfront capital to bring the Project into production and provide additional funds for exploration targeting resource expansion