Chaarat Gold Raises GBP3.85 Mln For Kyrgyzstan Gold Project

1st Jul 2010 08:05

LONDON (Dow Jones)--Kyrgyzstan-focused gold miner Chaarat Gold Holdings Ltd. (CGH.LN) Thursday said it raised GBP3.85 million to fund drilling and studies at its flagship Chaarat project. The company said it is aiming to bring the project into production by the end of 2011 and required extra cash to upgrade the resource estimate at the Tulkubash zone at Chaarat and fund studies needed to apply for production permits. Chaarat said it placed 9.63 million shares with investors at 40 pence a share, a 1.8% discount to Wednesday's close. Directors including Chairman Christopher Palmer-Tomkinson agreed to subscribe for shares in the placing, which was handled by broker Westhouse Securities. Shares in the company took a tumble earlier this month when ethnic violence flared up in the central Asian state. Chaarat said its operations were unaffected. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; [email protected] (END) Dow Jones Newswires July 01, 2010 03:05 ET (07:05 GMT)