PERTH (miningweekly.com) – Junior Saturn Minerals will raise A$8-million in a share placement to institutional and professional investors to accelerate resource growth at its Apollo Hill gold project, in Western Australia.
The ASX-listed company on Thursday announced that it would place more than 16.6-million shares, at a price of 48c each, under the company’s existing placement capacity, with the offer price representing a discount of 2.3% to Saturn’s 20-day volume weighted average share price.
The placement has been strongly supported by new and existing overseas and Australian institutional investors, the company said, and ensures the company is well funded to progress exploration at Apollo Hill.
“Saturn is delighted with the level of support shown in this successful raising. This puts the company in an excellent position to continue to expand the boundaries of our Apollo Hill gold system,” said Saturn MD Ian Bamborough.
“Drilling this year has seen multiple strong intersections extending beyond the previous resource boundary. Higher grades within a lengthening mineralised corridor show the potential for next-level discovery and a much bigger opportunity. In addition, this raising enables the company to fund other exciting activities in our exploration portfolio and step up our production orientated studies.”