(Alliance News) - Resolute Mining Ltd on Wednesday said it has successfully completed the retail component of its accelerated entitlement offer of new shares, as announced in November.

Resolute Mining is a Perth, Australia-based, Africa-focused gold mining company. It currently owns two producing gold mines: the Syama Gold Mine in Mali, and the Mako Gold Mine in Senegal.

The retail entitlement offer, which closed on Monday, raised a total of AUD46 million, around GBP25.3 million, at the offer price of AUD0.16 per new share.

It was partially underwritten for AUD68 million, representing 425 million new shares. Eligible retail shareholders subscribed for 289 million new shares, which represented a 44% take-up rate by eligible retail shareholders of available retail entitlement offer shares.

This follows the successful completion of the institutional offer, which raised approximately AUD96 million.

Resolute Mining shares were trading 1.8% lower at 10.80 pence each in London on Wednesday afternoon.

By Holly Beveridge; Alliance News reporter

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