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Tuesday, 31st March 2009 (743 views)

Cluff Gold has announced the completion of placing in its bid to raise extra funds.

It stated that all outstanding conditions regarding the placement have now been met and an application has been made to Alternative Investment Market to place the shares.

Dealing is likely to commence today (Tuesday March 31st) with the funds made available to Cluff from April 1st.

The company is to hoping to raise £8.1 million before expenses through the scheme by pricing 20,285,000 new ordinary shares at 40p each.

Cluff recently announced that all resolutions were approved at its general meeting.

Chairman of the firm Algy Cluff stated that the placement was evidence of the company's "assets and operational expertise".

"In the second half of this year we expect to generate positive cash flow that will allow us to advance development of our flagship Baomahun gold project in Sierra Leone," he added.

 

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