Integra Mining to take up substantial stake in neighbour Southern Gold

Integra Mining is set to take up a 10% interest in Southern Gold, coppabella coal mine australiawhose Bulong Gold Project neighbours Integra's Randalls Gold Project in Kalgoorlie, Western Australia.

Integra will invest A$1.35 million in Southern Gold at A$0.05 per share through a share subscription agreement. Southern Gold is also planning a rights issue to shareholders that aims to raise a further $3 million. Integra has agreed to take up its full entitlement under the proposed rights issue, and also has the option to underwrite the issue. This would allow Integra to maintain its cornerstone investment position in Southern Gold. An ultimate cap of 15% has been placed on Integra’s shareholding. Southern Gold will use the funds raised through the share placement and rights issue to...