Barton Gold sees latest raise exceed target by 300%

Barton Gold (ASX:BGD) has announced that its latest share purchase plan (SPP), intended to raise A$1M, was exceeded by 300%.

The company accepted $2.25M in applications and a further 9.37M new SPP shares will be issued.

The SPP offered equities at 24cps and closed on 16 April.

The company noted strong support on Friday (evidenced by the exceeded target) no doubt driven in part by record high gold prices on international markets.

All in all, the company has eligible applications to raise $3.15M.

SPP shares will be issued next week on Tuesday to begin trading on Wednesday.

There will be 218.4M fully paid ordinary shares once that dateline is crossed.

“Together with the ongoing sales tender for more than $4 million contained gold-in-concentrates, Barton is very well capitalised to pursue its target of continued regional growth and potential ‘Stage 1’ development pathways,” company chief Alex Scanlon said.

The SPP outcome reflects an extraordinary vote of shareholder confidence in Barton’s platform and strategy as we pursue the development of large scale gold production in South Australia.”

The company yesterday kicked off scoping studies for its Tunkillia gold play; it also recently fired up the rig on-site the Tarcoola open pit.

BGD shares closed on Thursday at 27cps.