ASX-listed Challenger Gold has placed an additional A$4-million to a single investor at 8.5c a share for a one-for-one option exercisable at 14c a share.
The investor approached the company and requested the opportunity to co-invest with Eduardo Elsztain’s group on the same terms.
This follows a strategic placement generating A$5.6-million to a group controlled Elsztain, a prominent Argentine businessman.
The proceeds from the placement will be used to complete the final 8 000 m of a 22 000 m programme on the company’s assets in Ecuador aimed at generating a maiden mineral resource estimate for the Colorado V tenements.