- Dacian Gold (DCN) will raise $20 million in extra capital for further exploration work at its Mt Morgans Gold Operation in Western Australia
- The company announced on Thursday it’ll raise the cash via a fully underwritten institutional placement, with new shares worth 17 cents each
- The funds from the raise will help DCN conclude its current pre-stripping activities at Doublejay — a sub-pit within Mt Morgans
- It’ll also bankroll an accelerated drill program at the Jupiter open pit that underpins the current production outlook for the project
- DCN shares were placed in a trading halt ahead of today’s capital raise, last trading for 20.5 cents each on December 1
Dacian Gold (DCN) will raise $20 million in extra capital for further exploration work at its Mt Morgans Gold Operation in Western Australia.
The company announced on Thursday it would raise the cash via a fully underwritten institutional share placement.
A total of 117.6 million new DCN shares will be issued under the offer, with new shares worth 17 cents each, a 17.1 per cent discount to the last traded price.
The funds from the raise will help Dacian Gold conclude its current pre-stripping activities at Doublejay — a sub-pit within the Mt Morgans project.
It’ll also bankroll an accelerated drill program at the Jupiter open pit that underpins the current production outlook for Mt Morgans.
DCN said the extensions below Jupiter “present a significant opportunity” with an initial hit consisting of 102.9 metres at 1.4 grams per tonne (g/t) gold, including 14.7 metres at 7.2g/t gold from 468 metres.
Dacian’s placement opened today and is set to close on December 10, before the new shares are issued on December 13.
Additionally, Canaccord Genuity and Euroz Hartleys are acting as Joint Lead Managers, Underwriters and Bookrunners to the offer.
Dacian Gold shares were placed in a trading halt ahead of today’s capital raise, last trading for 20.5 cents each on December 1.