Gladiator raises cash to fast-track North Arunta project
Gladiator has received firm commitment to raise up to A$625 000 to further the North Arunta project, in the Northern Territory.
The capital raising entails commitments for a placement of 105-million shares at 0.2c apiece to raise up to A$210 000 placements before costs to sophisticated and professional investors.
The shares will be issued under the company’s current placement capacity.
Further, it includes commitments from investors for a A$415 000 loan facility, which will be convertible to shares at the same rate. This is subject to shareholder approval, which will be sought at a general meeting in November.
The loan will be noninterest bearing and subject to payment within 90 days if shareholder approval is not granted.
The proceeds from the placement and loan funds will be used to advance the company’s North Arunta project, including its maiden drilling programme of about 2 000 m and general working capital.
The company’s directors have also agreed, subject to shareholder approval, to convert some of their accrued fees as part of the broader raising, not exceeding A$150 000 on the same terms. The conversion will assist in maximising opportunities to progress exploration on the project.
Gladiator engaged Peak Asset Management to complete the placement, and has further engaged the company’s corporate advisory services for an initial term of three months.
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