Evolution Mining opens share purchase plan offer to fund Northparkes stake

The news: Australian gold miner Evolution Mining has opened a share purchase plan (SPP) allowing shareholders in Australia and New Zealand to buy up to $30,000 worth of ordinary shares, without paying any transaction costs.

The numbers: Evolution announced that it would conduct a share purchase plan on 5 December, following a recently completed $525 million institutional placement conducted at $3.80 per share. Eligible shareholders will be able to purchase shares at the lower of $3.80 per share, and a 2.5% discount to the five-day volume-weighted average price of shares traded on the ASX up to and including the SPP closing date of 16 January 2024. The Sydney-based company is targeting up to around $60 million under the SPP.

The context: Evolution previously announced that the funds raised under the placement will be used to partly fund the acquisition of an 80% stake in the Northparkes Copper-Gold Mine from CMOC Group Limited for up to USD475 million ($724 million).