Deccan Gold Mines secures investment commitment of Rs 60 cr

For development of projects - Jonnagiri Gold Project, India and Altyn Tor Gold Project, Kyrgyzstan

Deccan Gold Mines (DGML) has secured investment commitment of Rs. 60 crore as under to cater to the development of its key Projects viz., Jonnagiri Gold Project, India and Altyn Tor Gold Project, Kyrgyzstan:

- Hira Infra Tek (Hira Group, Chhattisgarh) has intimated that it will remit the balance consideration of Rs. 24 crore in respect of the equity warrants issued to them during September, 2023 and opt for their conversion into equity shares.

- Ardent Steel (Hira Group, Chhattisgarh) will provide an Inter-Corporate Deposit (ICD) of Rs. 25 crore to DGML. Necessary documentation in this regard has been initiated and the process shall be completed shortly.

- Med Edu Care Marketing Management, Dubai has indicated that it will remit the balance consideration of Rs. 7 crore (approx) in respect of the equity warrants issued to them during September, 2023 and opt for their conversion into equity shares. Further, their group companies will provide ICD of Rs. 3 crore to DGML.

The funding as noted above is expected to be received progressively over the next couple of months.

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