Savannah Goldfields (ASX:SVG) said it expects to restart gold production in the second quarter of 2025, according to a Tuesday filing with the Australian bourse.
The restart of production will depend on the timing of completion of current permit amendments and approvals processes, the filing said.
In the same filing, the company said it plans to raise about AU$6 million through an accelerated non-renounceable entitlement offer, a placement, and a conditional placement.
The capital raise is expected to be completed in January 2025, and details regarding the issue price, entitlement offer ratio, and key dates will be outlined in forthcoming documents, the company said.
Proceeds will be used for working capital and debt payment, among others.
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