- Chesser Resources (CHZ) has received firm commitments to undertake a $6 million placement
- 75 million shares will be issued to institutional and sophisticated investors at eight cents each
- Chesser will use the money to undertake large-scale drilling programs at its Diamba Sud Gold Project in Senegal, West Africa
- The company also announced that it has appointed Mark Connelly as new Non-Executive Chairman, effective immediately
- Mark will replace current Non-Executive Chairman Simon O’Loughlin who will move to a Non-Executive Director role
- Chesser is up 4.49 per cent on the market and shares are trading for 9.3 cents each
Chesser Resources (CHZ) has received firm commitments to undertake a $6 million placement.
75 million fully paid ordinary shares will be issued to institutional and sophisticated investors at eight cents each.
This placement will be undertaken in two phases with phase one issuing 29,339,068 shares on or around July 20.
Subject to shareholder approval at the extraordinary general meeting in late August, the remaining 45,660,932 shares will be issued.
Chesser will use the money to undertake large-scale drilling programs at its Diamba Sud Gold Project in Senegal, West Africa.
“The placement will enable us to significantly advance the Area A discovery and the new prospective trends encountered in recent drilling, as well as continue to test additional compelling targets,” Managing Director Mike Brown said.
“Planning for further drilling shall commence when final results from the recently completed phase four program are received,” he added.
Non-Executive Chairman appointment
Chesser also announced that it has appointed Mark Connelly as new Non-Executive Chairman, effective immediately.
Mark will replace current Non-Executive Chairman Simon O’Loughlin who will move to a Non-Executive Director role.
Mark is an experienced executive with a successful record in African gold exploration and development.
His most recent role was Chairman at West African Resources, where he oversaw the development, construction, and commission of the Sanbrado mine in Burkina Faso.
Currently, he is Non-Executive Chairman of Oklo Resources.
“Chesser is in an exciting phase of exploring the high-grade discovery at its Diamba Sud project within a belt that hosts world-class assets, including Fekola, with I know intimately,” Mark commented.
“Joining a team that has quickly made a discovery and is advancing it towards development is an exciting opportunity to be involved with,” he added.
Additionally, Stephen Kelly will resign as Executive Director but will remain as Company Secretary and Chief Financial Officer.
Chesser is up 4.49 per cent on the market and shares are trading for 9.3 cents each at 2:08 pm AEST.