PERTH (miningweekly.com) – Junior Great Southern Mining will raise A$3.1-million through a share placement to fund an accelerated exploration programme at its Cox’s Find gold project, in Western Australia.
The company on Friday said that it will place 70-million fully paid ordinary shares at a price of 4.5c each, along with one free attaching listed option for every four placement shares issued.
A further 2.5-million free attaching unlisted options and 10-million unlisted options would also be issued for corporate services to the lead manager.
The share placement will be conducted under the company’s existing placement capacity, and will not require shareholder approval.
“Our maiden drilling programme at the Cox’s Find gold project has delivered us a wonderful platform for this capital raising with the results and structural interpretation and modelling, combined with the geochemical progrmme, highlighting the potential of this ultrahigh-grade deposit,” said Great Southern executive chairperson John Terpu.
“The success of this capital raising is a testament to the hard work of the executive team in putting together the company’s portfolio of quality gold products over the last two years.
“The company is now in a strong position to unlock the value for shareholders with two brownfield drill-out opportunities in this highly endowed gold district in Western Australia in Cox’s Find and Mon Ami, as well as additional greenfields discovery potential at Edinburgh Park in North Queensland.”