Minera Gold (ASX:MIZ) has issued 185,293,761 shares as settlement of loan amounts payable under the September 2013 and April 2014 convertible note series.
Notably, the shares were issued on conversions made by supportive shareholders, with the majority of shares issued being held by Top 20 shareholder.
This month Minera started sales of gold produced from Torrecillas gold project and San Santiago CIP gold processing plant in Peru.
It is now focused on reaching annualised production rate of about 18,000 ounces of gold by the end of 2014 at a US$700 ounce total all-in cash cost.
The company had acquired the fully permitted San Santiago gold-copper mill which beside deliver savings of US$1 million per year on its current lease commitments, will also deliver a second processing and revenue stream from treating copper sourced from the surrounding 9,000 hectares of concessions being acquired.
It had also signed earlier this month the binding US$4.5 million financing agreement with SilverStream SEZC relating to the acquisition of the San Santiago mill.
Minera had in July issued 152,919,458 shares as settlements of the loan amounts for the notes.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.