PERTH (miningweekly.com) – Junior explorer Marmota has raised A$6.5-million through a share placement priced at 5.3c each, to accelerate development of the Aurora Tank gold discovery, in South Australia.
The placement will consist of more than 122.6-million shares, with one attaching unlisted option for every two new shares subscribed for, at an exercise price of 10c each and with a two-year expiry.
The share placement will be settled in one tranche under the company’s existing placement capacity, and will not require shareholder approval, Marmota said on Wednesday.
“Marmota is delighted with the interest shown in the company by investors,” said chairperson Dr Colin Rose.
“I am very pleased to report that yesterday, our team departed Adelaide for Aurora Tank, and that the new semi-permanent camp is today on its way to Aurora Tank via road train, along with cranes out of Port Augusta and support crew from Coober Pedy. We hope to have the new camp installed by the weekend, with drilling to immediately follow.”