Silver Heritage Group says it expects to announce final details of its capital raising exercise “within three weeks.”
The Asian regional gaming last month suspended trading on its stock and announced that it required additional funding to complete construction of its Tiger Palace Resort Bhairahawa in Nepal, near the Indian border.
As reported by Inside Asian Gaming, construction delays have seen costs blow out from an original estimate of AU$40 million to around AU$54 million.
In a Tuesday listing on the Australian Stock Exchange, Silver Heritage said that it is in continuing discussions with equity capital providers and brokers and the holders of its senior secured bonds regarding its capital raising exercise” with details still being finalized.
It added that the capital raised would be enough to ensure completion of the contract by late 2017.
“The Company’s shares will remain in voluntary suspension until it is able to announce the final details of its capital raising, which it anticipates being within approximately three weeks.”
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