MANILA, Philippines - Australia-registered CGA Mining Ltd has announced it is raising C$74.8 million to repay loans and further explore the Masbate gold project.

The project, which is currently ramping up to full production, has a total indicated resource base of 4.55 million ounces of gold and an inferred resource base of 3.22 million ounces with a probable reserve of 3.03 million ounces of gold.

The project is currently forecast to produce over 200,000 ounces per year.

CGA said that a syndicate of underwriters led by BMO Capital Markets will buy on a bought deal basis 34 million shares at C$2.20 per share.

The company said the underwriters can buy additional shares before the offering closes next month.