Pacgold sets A$7.8m raising target
PERTH (miningweekly.com) – Gold explorer Pacgold is hoping to raise $7.8-million in a share placement to advance work at its Alice River gold project, in Queensland.
The ASX-listed company will issue 12.34-million shares, at a price of 63c each, to sophisticated and institutional investors under its existing placement capacity.
The company on Thursday said that it would also undertake an entitlement offer, at the same price as the placement, to raise a further A$3.2-million.
“The strong support of the Placement by existing shareholders and new investors reflect both the exceptional targeting and drilling success Pacgold has had in its first 12 months at the Alice River gold project and the significant upside identified in the ground position,” MD Tony Schreck said.
“We are very happy with the level of investor support for the placement, and we are especially pleased with the ongoing support from our shareholders as we embark on the next stage of aggressive exploration at the Alice River gold project.”
Following completion of the placement and the proposed entitlement offer, Pacgold will be well-funded into 2023, with two drill rigs on site and drilling to recommence on the high-grade F1a zone shortly, said Schreck.
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