PERTH (miningweekly.com) – Junior Breaker Resources will raise A$6.3-million through a share placement to fund a prefeasibility study (PFS) of its Bombora gold discovery, in Western Australia.
The company on Wednesday reported that it would place some 21-million shares, at a price of 30c each, to institutional and sophisticated investors in Australia and Europe.
The placement price represented a 14.3% discount to the last closing price on May 13, and a 11.7% discount to Breaker’s ten-day volume weighted average share price.
Funds raised under the placement will be used to further drilling to extent the existing 1.1-million-ounce resource at Bombora, while also advancing the openpit PFS, and to fund drilling at the Lake Roe operation.