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Exploration|Gold|Resources
exploration|gold|resources

Prodigy raises cash for gold hunt

7th September 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Prodigy Gold has announced an A$11.65-million capital raise to fund exploration and scoping study work.

The company on Wednesday announced that the underwritten two-for-one renounceable pro-rata rights issue would be priced at 1c a share, with the maximum number of shares issued under the rights issue estimated at more than 11.6-million shares.

Prodigy told shareholders that its major shareholder, APAC Resources had agreed to sub-underwrite the rights issue up to A$9.71-million, but to have this commitment reduced to the extent that eligible shareholders take up any shortfall, and to the extent that other sub-underwriting commitments are secured above A$1.94-million.

Funds raised by the rights issue would fund exploration work at the Hyperion and Lake Mackay assets, in the Northern Territory, and be used to continue resource development and scoping work at the Buccaneer deposit. Funds will also be used to repay a A$2.5-million short-term debt facility.

Edited by Creamer Media Reporter

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