Far East Gold Executed Share Placement with China-listed Xingye for 19.9% Stake; Shares Rise 3%

MT Newswires Live09-05

Far East Gold (ASX:FEG) has executed a share placement agreement with Hsing Yip Hold (Hong Kong) Mine Company for strategic investment, according to a Thursday filing to the Australian bourse.

The three-tranche conditional share placement is targeting more than AU$14 million for a 19.9% stake in the Australia and Indonesia-focused copper-gold explorer, with all tranches priced at AU$0.20 per share, the filing stated.

The subscriber is a subsidiary of Chinese-listed Inner Mongolia Xingye Silver &Tin Mining (SHE:000426), which has a market cap of more than AU$4 billion, according to the filing.

Xingye will provide technical expertise to bring Far East Gold's greenfield projects to production and can provide flow-on investment, the filing stated.

Shares in Far East Gold traded 3% higher in Thursday trade.

Price (RMB): Â¥0.17, Change: Â¥+0.0050, Percent Change: +3.03%

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