PERTH (miningweekly.com) – Junior Genesis Minerals will raise A$5-million through the placement of some 156.2-million shares, at an issue price of 3.2c each.
The placement will be made to institutional and sophisticated investors, and will be undertaken under Genesis’ existing placement capacity. The new shares will rank equally with existing shares.
Genesis MD Michael Fowler said on Friday that proceeds from the placement will be used to fund an aggressive 300 000 m staged drilling programme and feasibility studies at the company’s rapidly emerging Ulysses gold project, in Western Australia, where the resource was recently upgraded to 321 000 oz.
“We had an overwhelming response from both institutional and retail investors wanting to participate in the raising, which is a testament to the outstanding prospectivity of the Ulysses gold project,” said Fowler.
“A diamond rig arrived on site this week, joining the reverse circulation rig which has been working since early March. We also anticipate adding another drilling rig at the end of the month, and we expect all three rigs to be operating for a significant period of time as we work hard to grow the existing resource and lay the foundation for a significant new Australian gold project.”