Manas to raise $850,000 for gold project

Manas Resources has announced plans to raise $850,000 to fund pre-development work at its Shambesai gold project in the Kyrgyz Republic.

Manas will issue up to 28,333,333 fully paid shares though a private placement at an issue price of 3 cents per share.

Halcyon Corporate, who previously co-lead managed the $5.5 million rights issue for Manas last year, was again lead manager to the placement, which was well-supported by current shareholders, according to Manus.

The funds will be applied to the ongoing pre-development cost of the Shambesai gold project, and will also provide additional working capital while financing discussions continue with a number of institutions.

Manas announced earlier this week the Sanitary Protection Zone at the project had been approved, clearing the final hurdle of the Kyrgyz Republic Environmental and Social Impact Assessment process, with design permitting and community consultation remaining.

Manas shares remained steady at 3.3 cents at the close of trade.