Seligdar brings in $54 million in additional share offering

Russian Gold mining company Seligdar announced this week that it managed to bring in a total of $54.4 million in its additional share offering.

In order to help raise additional funds, Seligdar recently placed a total of 116,885,000 additional shares on the market, each with a face value of $0.03. The placement price totaled $0.47 per share, Prospect.com reports.

The recent additional share offering comes after Seligdar completed a preferred share offering in February. The February offering involved 150 million preferred shares that were priced at $0.79 per share. The February offering was implemented in order to raise funds for new construction projects, as well as for the reduction of the company’s debt burden.

Seligdar is a Russian based mining company that is involved in the mining and exploration of gold, silver and uranium. The company’s primary assets are located in the Yakutia, Altaj, Buryatia and Orenburg regions of Russia. Seligdar is also involved in transportation, mine site construction and mining equipment repair, Prospect.com reports.