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Breaker raises A$8m for exploration

13th November 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold developer Breaker Resources will raise A$8-million through a non-brokered share placement to US-based private equity fund Electrum Strategic Opportunities Fund.

The placement will consist of more than 23-million shares, priced at 35c each, with the shares to be placed under Breaker’s existing placement capacity.

The ASX-listed company on Wednesday said that the proceeds of the placement will be used to ramp up reverse circulation and diamond drilling at its one-million-ounce Bombora resource, at the Lake Roe gold project, in Western Australia.

Drilling is expected to start in the coming weeks, Breaker said.

Following the share placement, Electrum will hold a 9.95% interest in Breaker, and subject to regulatory approval, will have the right to nominate a person to the Breaker board.

Edited by Creamer Media Reporter

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