Dacian Gold (ASX:DCN) completes $40M placement

• Dacian Gold (DCN) has successfully completed its institutional placement and raised $40 million
• Just yesterday, the company announced it would be undertaking a $45 million equity raise to develop its West Australian projects into production
• The $40 million was raised through the issue of 142.9 million shares to institutional shareholders at 28 cents
• Dacian is now set to undertake a share purchase plan to raise the remaining $5 million
• Eligible shareholders will be able to subscribe for up to $30,000 worth of shares without incurring any brokerage or transaction costs
• Dacian has ended the day 4.92 per cent in the red with shares trading at 29 cents

Dacian Gold (DCN) has successfully completed its institutional placement and raised $40 million.

Just yesterday, the company announced it would be undertaking a $45 million equity raise to develop its West Australian projects into production.

The $45 million is set to be raised through a $40 million placement and $5 million share purchase plan.

To raise the $40 million, roughly 142.9 million new fully-paid shares were issued to institutional shareholders at 28 cents.

Canaccord Genuity acted as Lead Manager, Underwriter and Bookrunner while Petra Capital and Euroz Hartleys acted as Co-Managers.

“We are very pleased with the equity raising result and thank our existing shareholders for their ongoing support and welcome the new shareholders to the register,” Managing Director Leigh Junk said.

“Dacian looks forward to pursuing its three pillar growth strategy, focused on exploration success and advancing further deposits into production,” he added.

Dacian is now set to undertake the share purchase plan component to raise the remaining $5 million.

Eligible shareholders will be able to subscribe for up to $30,000 worth of shares without incurring any brokerage or transaction costs.

Dacian has ended the day 4.92 per cent in the red with shares trading at 29 cents in a $247.4 million market cap.