Geopacific raises cash for Cambodia exploration
PERTH (miningweekly.com) – Junior metals explorer Geopacific Resources would raise about A$23-million through a share placement and rights issue to fund exploration work at its Kou Sa project, in Cambodia.
The ASX-listed company on Friday announced that it would raise an initial A$9-million through the placement of 150-million shares, at a price of 6c each. The placement would be made to two specialist resource fund groups; Resource Capital Fund and Tembo Capital Mining Fund.
At the completion of the placement, Tembo would have a 17.9% interest in Geopacific, while Resource Capital Fund would maintain its 35.9% interest.
In conjunction with the placement, Geopacific would also undertake a fully underwritten non-renounceable rights issue, offering eligible shareholders ten new shares for every 21 shares already held.
The rights issue would be priced at 5.5c a share, and was expected to raise up to A$14-million.
“The funds raised will allow Geopacific to meet its next two obligations to the Kou Sa project vendors, and with continued exploration success, we expect to have completed a scoping study next year,” said Geopacific MD Ron Heeks.
Geopacific was currently earning an 85% interest in the project, with the remaining 15% of the project to be held by a subsidiary of the company’s Cambodian partner, the Royal Group.
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