Echo raises A$15m for Yandal expansion
PERTH (miningweekly.com) – Gold hopeful Echo Resources will raise A$15-million through a share placement to fund its exploration growth strategy at its Yandal project, in Western Australia.
The ASX-listed junior will raise an initial A$11.3-million through a first tranche placement of 87-million shares, at a price of 13c each, under its existing placement capacity, from domestic and international institutional investors.
A second tranche of some 28-million shares, to raise a further A$3.7-million, will be subject to shareholder approval. A shareholders meeting will be held on June 10 to allow shareholders to vote on the second tranche placement.
Echo’s largest shareholder Northern Star Resources has subscribed for some A$3.4-million in the placement on a pro-rata basis.
Meanwhile, the company on Monday announced that it would also undertake a share purchase plan to raise up to A$3-million, allowing existing shareholders to participate in the capital raise at the same issue price as the placement. Eligible shareholders will be allowed to subscribe for an additional A$15 000 worth of shares.
The funds raised under the placement will provide Echo with sufficient cash reserves to fund its exploration strategy, which will include 64 000 m of greenfield drilling, 12 000 m of brownfield drilling and a further 15 000 m of drilling at advanced targets.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
