DRD drdgold limited

Durban Roodepoort Deep to issue 10 million new sha

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    Durban Roodepoort Deep to issue 10 million new shares
    SYDNEY, May 24 AAP|Published: Friday May 24, 6:11 PM

    Mining company Durban Roodepoort Deep Ltd (DRD) said it would place 10 million new shares to raise about $40 million.

    Of the money raised, $35 million will be used to accelerate the close-out of the company's hedge book positions, it said, resulting in the close-out of 50 per cent of the remaining revenue hedge book.

    "The balance of the proceeds ... will fund DRD's exploration programs in Papua New Guinea and Australia," the company said.

    The announcement was released after the market closed, with the company's shares ending steady at $8.60.



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