https://www.miningweekly.com

DevEx raises exploration funds

9th July 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed DevEx Resources has raised A$5.5-million to fast-track exploration work in Western Australia and New South Wales.

The company will place an initial 47.5-million shares, at a price of 10c each, to raise an initial A$4.7-million, under its existing placement capacity. A second tranche of some 8.1-million shares, to raise the balance of the funding, will be subject to shareholder approval.

“The strong response from investors to this capital raising reflects the quality of the exploration targets we have identified at our key projects, their location within two of Australia’s most exciting discovery addresses, and the rapid escalation of news flow which we expect in the second half of this year,” said MD Brendan Bradley.

“The Lachlan Ford belt in New South Wales is currently undergoing a major exploration renaissance with several exciting new discoveries emerging in recent months. Meanwhile, the Julimar region in Western Australia has burst onto the scene in the past few months as one of the most sought-after exploration districts in Australia, thanks to the success of Chalice Gold Mines.

“With a drill contract signed, a rig is scheduled to target beneath extensive surface gold mineralisation at Main Ridge gold prospect later this month, with Jundee and Sovereign to follow closely behind, we are looking forward to seeing what our drilling campaigns can deliver.”

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION