PERTH (miningweeekly.com) – ASX-listed Resources & Energy Group has raised A$3.3-million to fund exploration at its East Menzies gold field tenements in Western Australia.
The company on Tuesday said that it would issue 44-million shares to professional investors, priced at 7.5c each, along with one attaching option for every four shares purchased, with an exercise price of 20c each.
“The strong support for the placement reflects the enormous excitement that the recent Gigante Grande results have generated and the growing interest and certainty that there are significant gold resources in the East Menzies gold fields tenements,” said MD Richard Poole.
Funds raised will be used for the current exploration programme at East Menzies with a focus on the Gigante Grande discovery, and the continued development of the Mount Mackenzie asset.