- Bryah Resources (BYH) has received binding commitments to raise $1.55 million and will use the money for its Bryah Basin Project in WA
- Up to 31 million shares will be issued to sophisticated and professional investors at a price of five cents per share
- Byron will use the money to undertake a combination of reverse circulation and aircore drilling at multiple prospects within the project
- The money will also be used to locate extensions to the mineral resource at the Tumblegum South Gold Deposit and fund a downhole electromagnetic survey
- Bryah is currently down 6.78 per cent and shares are trading for 5.5 cents each
Bryah Resources (BYH) has received binding commitments to raise $1.55 million and will use the money for its Bryah Basin Project in WA.
Up to 31 million shares will be issued to sophisticated and professional investors at a price of five cents per share.
“The successful completion of this placement sees the company well-funded with over $2.3 million in cash available to the company exploration results on some excellent gold and copper targets,” Managing Director Neil Marston commented.
“We look forward to managing a busy program of gold, copper and manganese exploration in the Bryah Basin over the coming months,” he added.
Bryah will undertake up to 5500 metres of reverse circulation (RC) drilling at the Windalah, Jupiter, Wongawar, and Mars prospects, and up to 2500 metres of aircore (AC) drilling at the Windalah East prospect.
RC drilling is scheduled to begin next week at the high priority Windalah gold prospect, where results such as 12 metres at 4.32g/t gold including two metres at 17.19g/t gold have been returned.
Besides the drilling program at the Bryah Basin Project, the money will also be used to locate extensions to the mineral resource at the Tumblegum South Gold Deposit, fund a downhole electromagnetic survey at Windalah, and for general working capital.
Bryah is down 6.78 per cent and shares are trading for 5.5 cents each at 12:48 pm AEST.