- Adelong Gold (ADG) receives firm commitments to raise $500,000 through a placement to sophisticated and professional investors
- The company will issue 62.5 million shares at 0.8 cents apiece, together with an attaching option issued on a one-for-two basis at 2 cents
- The funds will go toward completing the 2023 drilling program at its Adelong gold project, targeting a resource at Sawpit and Gibraltar
- Adelong last traded at 0.8 cents
Adelong Gold (ADG) has secured firm commitments from sophisticated and professional investors to raise $500,000 through a placement.
The company announced that the funding would complete the 2023 drilling program at its Adelong gold project in New South Wales. Adelong is targeting a resource at Sawpit and Gibraltar.
Adelong reported it would issue 62.5 million shares at an issue price of 0.8 cents, together with an attaching option issued on a one-for-two basis at 2 cents.
The funds will also be allocated towards working capital requirements and covering the costs associated with the share placement.
“This proposed third round of drilling is expected to allow the company to upgrade its resource estimate and proposed mine life and will complete the resource and modelling work targeted by the company when it acquired the Adelong gold project in 2020,” ADG Managing Director Peter Mitchell said.
“Following the completion of this next round of drilling, the company will be in a position to assess the future of the project.”
Adelong Gold (ADG) was last trading at 0.8 cents.