Genesis raises cash for Ulysses
PERTH (miningweekly.com) – ASX-listed Genesis Minerals will raise A$11-million through a share placement and share purchase plan (SPP) to underpin the next phase of growth at its Ulysses gold project, in Western Australia.
The company on Thursday announced that it had received firm commitments for the placement of some 166.7-million shares, at a price of 6c each from professional and sophisticated investors, to raise an initial A$10-million.
The company would also undertake an SPP at the same price, offering shareholders the opportunity to purchase up to A$30 000 worth of additional shares, to raise a further A$1-million.
The offer price represented a 4.8% discount to Genesis’ last closing price, and a 7% discount to the company’s ten-day volume weighted average share price.
MD Michael Fowler said that the proceeds from the capital raise would be used to ensure that the company was fully funded to advance the expanded Ulysses gold project.
“Investors can look forward to a two-pronged approach of strong exploration news flow as we embark on an aggressive drilling push aimed at expanding the existing 1.6-million-ounce resource plus an emerging development story as we complete our feasibility studies.
“The upcoming exploration programme will see 40 000 m of reverse circulation and diamond drilling aimed at growing the resource to the next level, plus 25 000 m of air-core drilling targeting new discoveries within the Ulysses to Orient Well mine corridor and the new Puzzle-Puzzle North corridor,” said Fowler.
The feasibility study for the Ulysses project is targeted for the second quarter, with an investment decision due in the fourth quarter.
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation