PERTH (miningweekly.com) – Junior Catalyst Metals will raise A$13.02-million through a share placement to a subsidiary of Hancock Prospecting.
The Hancock subsidiary, Gold Exploration Victoria (GEV), have subscribed for some 8.68-million shares in Catalyst, priced at A$1.50 a share. The shares were being issued under Catalyst’s existing capacity, and would not require shareholder approval.
“We are delighted to welcome GEV to our share register as a major shareholder. We have been working with GEV as a joint venture partner over the last five years, and in that time have developed a very good working relationship with them both technically and corporately,” said Catalyst chairperson Stephen Boston.
Following the share placement, GEV will hold an 11% interest in Catalyst.
The proceeds from the share placement will be used to strengthen Catalyst’s working capital position and to enable the company to advance its Four Eagles and Tandarra gold projects, as well as to continue its aggressive exploration programme in the Whitelaw gold belt. The Whitelaw gold belt exploration programmes are now fully funded through to 2022.