PERTH (miningweekly.com) – ASX-listed Great Southern Mining will raise A$3.12-million to fund exploration work in Western Australia and Queensland.
The junior on Friday announced that it would place 39-million fully paid ordinary shares at 8c each, along with one free attaching option for every four placement shares issued, with an exercise price of 5c each and an expiry date in September 2022.
The shares will be placed under Great Southern’s existing placement facility, and will not require shareholder approval.
“We are pleased to have secured funding enabling us to accelerate our planned drilling activities in the Laverton region,” said CEO Sean Gregory.
“The 2020 drilling programme at Cox’s Find and Mon Ami have delivered the company some excellent outcomes. The additional and highly prospective regional tenure we have acquired during the last six months has also seen Great Southern establish what is now a substantial landholding within the Duketon belt, with some of the dominant regional mineralized structures running right through our tenements,” said Gregory.
Drilling of the two project areas is expected to start shortly.