The raising will take place via an accelerated non-renounceable pro-rata entitlement offer and institutional share placement.

The institutional offer will raise $113.8 million, while the 1 for 15 entitlement offer will raise $50.6 million.

The issue price for both is $6.65 per share, a 7.5% discount to the company’s $7.19 closing price yesterday.

Bell Potter Securities is sole lead manager to both offers and is sole underwriter of the entitlement offer.

The bankable feasibility study for Tropicana will be completed later this month and Independence and joint venture partner AngloGold Ashanti are expecting capital costs for the 5 million ounce project to be around $600-620 million with a further $100-120 million required for working capital.

Independence expects to contribute $210-220 million.

The company has a healthy cash balance of $137 million, which will be used for exploration and development at the Long nickel mine and exploration at Tropicana.

Pending a final development decision by the JV partners, Tropicana is flagged to start production in 2013, producing 330,000-410,000 ounces over 10 years.

Independence shares remain in a trading halt.