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Hancock subsidiary takes stake in Catalyst

27th November 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – A subsidiary of miner Hancock Prospecting has taken a A$7.87-million stake in ASX-listed Catalyst Metals.

Catalyst on Wednesday reported that Gold Exploration Victoria had agreed to subscribe for 3.5-million fully paid ordinary shares, at a price of A$2.25 each, giving Catalyst’s joint venture partner in the Four Eagles gold project a 14.8% stake in the company, elevating it to the largest shareholder.

The share placement will be made under Catalyst’s existing placement capacity, and will not require shareholder approval.

The company said on Wednesday that proceeds from the share placement would be used to strengthen the company’s working capital position and to advance the Four Eagles and Tandarra gold projects, as well as allow Catalyst to pursue aggressive exploration programmes in the Whitelaw gold belt and adjacent belts north of the Fosterville and Inglewood goldfields.  

“This additional investment by Gold Exploration Victoria into our company further cements the strong working relationship that has been built between both companies technically and corporately over the past five years via a number of joint ventures over the Whitelaw gold belt,” said Catalyst chairperson Stephen Boston.

“Catalyst finds itself in a very strong financial position as it embarks upon its biggest exploration programme in 2020.”

Edited by Creamer Media Reporter

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