PERTH (miningweekly.com) – ASX-listed DevEx Resources has raised A$5.5-million to fast-track exploration work in Western Australia and New South Wales.
The company will place an initial 47.5-million shares, at a price of 10c each, to raise an initial A$4.7-million, under its existing placement capacity. A second tranche of some 8.1-million shares, to raise the balance of the funding, will be subject to shareholder approval.
“The strong response from investors to this capital raising reflects the quality of the exploration targets we have identified at our key projects, their location within two of Australia’s most exciting discovery addresses, and the rapid escalation of news flow which we expect in the second half of this year,” said MD Brendan Bradley.
“The Lachlan Ford belt in New South Wales is currently undergoing a major exploration renaissance with several exciting new discoveries emerging in recent months. Meanwhile, the Julimar region in Western Australia has burst onto the scene in the past few months as one of the most sought-after exploration districts in Australia, thanks to the success of Chalice Gold Mines.
“With a drill contract signed, a rig is scheduled to target beneath extensive surface gold mineralisation at Main Ridge gold prospect later this month, with Jundee and Sovereign to follow closely behind, we are looking forward to seeing what our drilling campaigns can deliver.”