Barton Gold (ASX:BGD) has announced it’s raising $4M to advance key studies at its Tunkillia play.
The company is executing a $3M private placement which the company describes as being led by key investors at home, in Europe and North America.
A second tranche covering $1M – this time a share purchase plan (SPP) – will make up the rest of the funding target.
Both the placement and SPP will offer shares at the same price with both exercises to leave Barton sitting on $7M at completion.
The study being advanced with the funds are a scoping study for the reported 1.5Moz Tunkillia Project, as well as ‘high grade target’ drilling at Tarcoola.
Management highlighted the raising in context of gold sales.
“Together with the ongoing sales tender for more than $4 million contained gold-in-concentrates, Barton is very well capitalised to advance several high value initiatives and key project milestones during the coming year,” Barton chief Alex Scanlon said.
“Following our latest announcements we have also experienced a rapid influx of new shareholders entering our register, and increasing trading volumes.
“This Placement further strengthens our share register composition as we progress into Tunkillia scoping studies.”
BGD shares last traded at 29.5c.