Hill End launches rights issue to raise A$10.4m
PERTH (miningweekly.com) – ASX-listed junior Hill End Gold has launched a rights issue to raise up to A$10.4-million to fund exploration and predevelopment work at its gold projects, in New South Wales.
Under the rights issue, eligible shareholders would be allowed to subscribe for seven new shares for every four shares held, at a price of 0.7c each. Shareholders would also be allowed to apply for additional shares under a shortfall offer.
The offer was expected to close on October 21.
Hill End reported on Monday that the net proceeds from the rights issue would be used to provide funding for ongoing operations, for the planned exploration and predevelopment studies at the Hargraves and Hill End projects as well as some selective acquisitions and investments in new projects.
Hill End’s namesake project has a mineral resource of some 336 000 oz, including 900 000 t at 8.6 g/t gold. The Hargraves project has a defined resource of 221 000 oz of gold.
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