- Ausgold (AUC) has successfully raised over $11 million to further explore its Katanning Gold Project in Western Australia
- The placement was led by Dundee Goodman Merchant Partners, which increased its stake in the company from 7.1 per cent to 9.9 per cent
- Shares were issued at 4.5 cents each, representing a 10 per cent discount to a closing price of 5 cents on Wednesday, April 21
- Managing Director Matthew Greentree says the placement will allow Ausgold to process through a transformational period
- On the market today, Ausgold is down 2 per cent and trading at 4.9 cents per share
Ausgold (AUC) has successfully raised $11.25 million for its Katanning Gold Project in Western Australia.
The placement was led by Dundee Goodman Merchant Partners, which will increase its stake in Ausgold from 7.1 per cent to 9.9 per cent.
Shares were issued at 4.5 cents each, representing a 10 per cent discount to the last closing price of 5 cents on Wednesday, April 21.
Funds from the raise will be used to accelerate exploration and development at Katanning.
Managing Director Matthew Greentree says the placement will allow Ausgold to process through a transformational period.
“The company is pleased with the level of support we have received from our cornerstone investor Dundee Goodman and from existing and new investors,” he said.
“With the release of the upgraded KGP Resource of 1.54 million ounces at a grade of 1.25 g/t of gold, we have a meaningful foundation that underpins our ambition to unlock the scale of the Katanning Gold Project. Our new geological model
and exploration plan in a whole of belt play is designed to add further high-grade Resource ounces,” he added.
On the market today, Ausgold is down 2 per cent and trading at 4.9 cents per share at 12:30 AEST.