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Evolution raises $311m from rights offer

AAP logoAAP 28/08/2016

Evolution Mining has raised $311 million through its 2-for-15 rights share offer to its institutional shareholders.

The company says nearly 86 per cent of the entitled shareholders took up new stock. Shares were issued at $2.05 each in the offer. It expects to raise another $90 million from retail shareholders.

Evolution, Australia's second largest gold miner by output, is raising the $401 million to part fund its $880 million deal to buy all future gold production and 30 per cent of future copper and silver production from Glencore's Ernest Henry copper and gold mine in Queensland.

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