PERTH (miningweekly.com) – ASX-listed Yandal Resources has raised A$6-million through a share placement, with fellow-listed DGO Gold taking 8-million of the 12-million shares up for offer.
DGO Gold now holds an 8.7% interest in Yandal.
Institutional investor Regal Funds Management took up the remaining four-million shares.
The placement price of 50c a share represented a 7.1% premium to Yandal’s five-day volume weighted average share price, and a 7.4% discount to the company’s last closing price.
The company told shareholders on Tuesday that the capital raised would be used to accelerate exploration programmes, including resource development and extension drilling at the Flushing Meadows prospect, advanced drilling at the Gordons Dam prospect, and to test beneath and along strike of the high-grade palaeochannel, as well as further exploration at the Ironstone Well, Barwidgee and Mt McClure projects, all in Western Australia.