HGM raises $4.5m for Austrian projects

7th March 2018 By: Megan van Wyngaardt - Creamer Media Contributing Editor Online

HGM raises $4.5m for Austrian projects

JOHANNESBURG (miningweekly.com) – Australian exploration company High Grade Metals (HGM), which completed its relisting on the ASX this week, will use the A$4.5-million that it raised to advance nine projects in Austria.

These projects include the Leogang cobalt, nickel and copper prospect, as well as the Schellgaden North gold prospect.

Formerly known as Quest Minerals, HGM has raised the funds in an oversubscribed capital raising in late January, through a placement of 150-million ordinary shares at $0.03 each. Global resources fund manager Sprott Resource Holdings is a cornerstone investor.

HGM CEO and MD Torey Marshall said on Wednesday that the strong support for this transaction, “especially the participation of a leading global resource investor of the calibre of Sprott”, was a testament to the potential of HGM’s suite of assets.

“I am excited to start work on the ground as soon as possible and have assembled an outstanding geological team.”

HGM has nine projects in Austria that are prospective for high-grade cobalt and gold. All nine projects contain old mines and workings and have had no modern exploration.

The company’s focus is exploring and exploiting high-grade metal prospects in Austria, seeking high margin opportunities which have potentially shorter development time frames.