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Evolution Mining (ASX:EVN) - Executive Chairman, Jake Klein - The Market Herald
Executive Chairman, Jake Klein
Source: Evolution Mining
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  • Evolution Mining (EVN) successfully completes its institutional placement and raises $400 million
  • Roughly 104 million new fully paid ordinary shares were issued to institutional investors at $3.85 per share
  • Evolution will use the money to fund the acquisition of the Kundana Operations from Northern Star Resources (NST)
  • The company will now undertake a share purchase plan to raise up to a further $50 million
  • Evolution is up 6.39 per cent on the market with shares trading at $4.33, while NST is down 6.23 per cent at $10.09 per share at 12:55 pm AEST

Evolution Mining (EVN) has successfully completed its institutional placement and raised $400 million.

Roughly 104 million new fully paid ordinary shares were issued to institutional investors at $3.85 per share.

This price represents a 5.4 per cent discount to Evolution's last closing price of $4.07 on July 21.

Shares are expected to settle on July 27 and be issued and begin trading on the ASX on July 28.

Evolution will use the money to fund the acquisition of the Kundana Operations from Northern Star Resources (NST).

As announced on July 22, Evolution will pay $400 million in cash to acquire a 51 per cent interest in NST's East Kundana Production Joint Venture and the East Kundana Exploration Joint Venture, a 75 per cent interest in the West Kundana Farm-In Joint Venture and a 100 per cent interest in the Carbine-Carnage gold project.

Executive Chairman Jake Klein is pleased with the support received from shareholders.

"We are delighted with the level of support from shareholders for the institutional placement, reflecting their endorsement of this pivotal transaction that will transform Mungari to establish the operation as the further cornerstone asset in the Evolution portfolio," Mr Klein said.

Evolution will now offer eligible shareholders the opportunity to participate in a share purchase plan (SPP) to raise up to $50 million.

While a price is yet to be revealed, shares will be lower than the placement and have a 2.5 per cent discount to the five-day volume-weighted average price.

Participants will be able to subscribe for up to $30,000 worth of shares without incurring any transaction or brokerage costs.

The plan will open on July 29, close on August 20. Shares will be issued on August 27 and begin trading on the ASX on August 30.

Evolution was up 6.39 per cent on the market with shares trading at $4.33, while NST was down 6.23 per cent at $10.09 per share at 12:55 pm AEST.

EVN by the numbers
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