Business
Successful Placing of 19,400,000 Shares
Successful Placing of 19,400,000 Shares.
About this update from Bluebird Mining Ventures Ltd.
[{"type":"text","content":"\n \nRNS Number : 0950T Bluebird Merchant Ventures Limited 18 March 2019 \n\n18 March 2019\nBluebird Merchant Ventures Ltd\n(the \"Company\" or \"Bluebird\")\nSuccessful Placing of 19,400,000 Shares at 2.25p to Advance South Korean Gold Projects\nBluebird Merchant Ventures (EPIC: BMV), the Asian focused resource development group, is pleased to announce that it has successfully placed all of the available headroom of 19,400,000 shares for a total of GBP 436,500. This enables the South Korean gold projects to advance and finalise the next phase of the project which is the pre-construction stage.\nHighlights:\n· Successful placement of 19,400,000 shares with management participation\n· Projects advance to the pre-production phase\n· Land-owner agreement received at Kochang and Gubong\nSVS Securities placed 11,111,111 shares amounting to GBP 250,000 and Directors, Colin Patterson, Charles Barclay and Aidan Bishop contributed GBP 186,500 resulting in the issuance of a further 8,288,888 shares. SVS Securities have also been appointed as a Joint Broker to the Company, which is expected to enable the Company to reach a wider base of potential shareholders.\nThe funding will be used to advance the pre-construction phase of the South Korean gold projects and to complete the more detailed design work required for the construction phase. Bluebird is targeting first gold pour in the fourth quarter of 2019. Once gold production commences, it is planned to increase production to 100,000 oz of gold per year over a five year period.\nAn agreement has also been reached with the local landowner at Kochang for use of the land outside the main adit entrance. This agreement is regarded as a strong indication of local approval for the reopening of the mine and augments the application for the 'permit to develop the Kochang mine. The Company has the approval from the Mines Safety Department to carry out refurbishment works in the adit which is expected to commence in April, prior to the commencement of the definition drilling underground thereafter. A similar agreement is already in place at the Gubong mine, which also demonstrates support for reopening the mine.\nThe Company is optimistic that the grant from the So...