The Australian company OceanaGold has raised gross proceeds of 115 million dollars through an equity rising. The firm operates mines in Reefton and Otago.

The underwriters had confirmed that the order for 33 million special warrants acquiring common shares and chess depository interests in the company.

This offer was privately placed with the institutional investors in the Australia, Canada and the company was offering a price of 3.50 dollars internationally which was an 8.85% of discount on the last close price of 3.84 dollars in the Toronto Stock Exchange.

The Australia based firm OceanaGold said it was intended to use the net proceeds from the offering to fund a part of the capital spending needs which was estimated at 140 million dollars for the development of the Didipio gold and copper project in the Philippines.

Some of the funding will be used for the future capital and exploration spending to extend the mine life in the country. The firm is also considering the other capital expenditure of the Didipio. The NZX listed mining firm OceanaGold is planning to raise 115.5 million dollars in a private placement firm of Australia.