The company said on Monday that, owing to recent adverse...

The company said on Monday that, owing to recent adverse conditions and the instability in the global financial markets, the revised share placement would now consist of more than 72.9-million shares, at 4.8c a share, along with one free attaching option for each two new shares, at 6c a share, to raise A$3.5-million.

A number of international institutions and high net worth investors were participating in the share placement, and, subject to shareholder approval, Alcyone’s chairperson Charles Morgan has also applied for A$500 000 in the placement.

Meanwhile, Alcyone would continue with its share purchase plan to raise an additional A$3-million. Under the offer, eligible shareholders would be able to subscribe for up to A$15 000 of Alcyone shares, at an issue price of 4.8c a share. The company would also separately offer one free attaching option for two new shares, exercisable at 6c a share.

The miner said that the proceeds from the placement would be used to bring forward the commissioning of the leach pad 4, enabling the company to accelerate the ramp-up of production at its Twin Hills heap-leach silver mine.

The proceeds would also be used to fund the connection to the state electricity grid in south-east Queensland, which would reduce operating costs at its Texas project. The miner would also accelerate exploration activities at the Texas project.