PERTH (miningweekly.com) – ASX-listed Odyssey Gold will raise A$15-million through a share placement and share purchase plan (SPP) to accelerate exploration in Western Australia.
The company on Monday reported that it had received commitments from institutional and sophisticated investors for the placement of 79.8-million shares, at a price of 12.5c each, to raise an initial A$10-million.
The share placement will be conducted under Odyssey’s existing placement capacity, and will not require shareholder approval.
In addition, the junior will also undertake an SPP allowing eligible shareholders to subscribe for up to A$30 000 worth of new shares in the company, also at 12.5c each.
The SPP is expected to raise an additional A$5-million.
Odyssey on Monday said that proceeds from the share placement and the SPP would be used to accelerate exploration and development of the Tuckanarra and Stakewell gold projects, including exploration drilling, resource development drilling and metallurgical studies.
Odyssey in March this year launched its maiden drilling programme, and has over 10 000 m of reverse circulation and 2 000 m of diamond drilling planned, targeting a mix of near-mine and brownfield targets at both the Tuckanarra and Stakewell projects.