Southern Gold raises funds for Korean exploration
PERTH (miningweekly.com) – ASX-listed Southern Gold will raise A$10.2-million through a share placement to fund drilling activity over the next two years.
The company on Thursday announced that it had received commitments for the subscription of 85-million shares, priced at 12c each.
The placement will be conducted in two tranches, with the first tranche consisting of more than 31.6-million shares to raise an initial A$3.8-million under the company’s existing placement capacity, while the second tranche of more than 53.3-million shares would be subject to shareholder approval.
The placement will include a two-year 18c call option for every two shares subscribed for.
Southern Gold told shareholders that the placement had been strongly supported by strategic investor Crescat Capital, as well as several other major shareholders, with Metal Tiger and Ilwella subscribing for A$1.7-million and A$1-million in shares respectively.
MD Simon Mitchell on Thursday said that the company has now attracted a significant portfolio of equity holders who were very technically astute and understood the potential of the company’s play in South Korea.
“This funding allows the company to concentrate on finding the next major discovery and to build significant value for our shareholders over the next two years and beyond.
“With elevated global risks, very high market volatility and with the current strong investor support for gold right now, this was a good time to build quality institutional investors into the Southern Gold register.”
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