resolute mining ltd said thursday that it will raise up to 200 million australian dollars 1286 million through an underwritten share offer and retail offer to strengthen its balance sheet and provide a platform for growth the mining company said it has launched an underwritten placement of a140 million of shares priced at 16 australian cents a share a 22 discount to its last trading price in australia the proceeds will be used to pay down its syndicated loan facility and after the raise net debt will be reduced to us65 million from us156 million up to a further a60 million will be placed through a nonunderwritten retail entitlement offer to further reduce debt provide general working capital and fund growth initiatives this equity raising is the final step in resolutes transition to a sustainable gold producer with a derisked balance sheet the company is now in a strong position to pursue a new open pit operation at syama north together with low capital expansion options for the sulfide circuit chief executive and managing director terry holohan said shares in london at 0858 gmt were down 097 pence or 81 at 110 pence