Medusa Mining to raise $25m

Como-based gold miner Medusa Mining will seek to raise up to $25 million through a share placement to institutional investors.

Philippines-focused Medusa will issue two tranches of new ordinary shares at $1.80 per share, subject to shareholder approval.

The first tranche will consist of around 9.4 million shares, representing 5 per cent of the company's share capital.

The second tranche will consist of a further 4.5 million shares.

Euroz Securities will be acting as lead manager for the transaction.

Medusa shares are in a trading halt ahead of the placement and are expected to re-commence trading next week.