Centaurus Metals has announced the raising of A$2m ($1.51m) in underwritten renounceable rights offering of new shares.

Centaurus will primarily issue three new shares for every five existing shares held by its shareholders, with each of the new shares priced at A$0.005 ($0.0038).

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The partial underwriter for the offering is CPS Capital Group.

"Proceeds are to advance the company’s Serra Misteriosa and Mombuca gold projects in Brazil."

The offering is expected to close on 8 November 2016, with proceeds intended to advance the company’s Serra Misteriosa and Mombuca gold projects in Brazil.

Savannah Resources and Rio Tinto have agreed to a consortium arrangement to expedite the project activities at the former’s Jangamo project and the latter’s Chilubane and Mutamba projects in Mozambique.

The two parties have reached an agreement to transfer legal ownership of these projects to a consortium company, following the grant of a mining lease.

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