- DevEx Resources (DEV) has successfully raised $5.5 million to fast-track exploration at its New South Wales and Western Australian projects
- The capital raise has increased the company’s cash balance to $7.7 million
- The funds will go towards exploration at DevEx’s Basin Creek and Junee Projects in NSW, as well as its newly purchased Sovereign Project in WA
- On market close, DevEx remains steady and is trading for 11.5 cents per share
DevEx Resources (DEV) has successfully raised $5.5 million to fast-track exploration at its New South Wales and Western Australia projects.
The company issued new shares for 10 cents each and enjoyed a strong response from investors.
The capital raising increased the company’s cash balance to $7.7 million, which has put it in a strong position to progress exploration at its Basin Creek and Junee Projects in NSW and its newly purchased Sovereign Project in WA.
DevEx has already signed contracts for drilling at its NSW projects within the coming weeks. Drilling at Basin Creek will test the gold system defined at the surface, while drilling at Junee will drill targets of Porphyry, copper and gold.
Over in WA, the company has secured strategic ground that has the potential to host nickel, copper and platinum group elements (PGE).
Managing Director Brendan Bradley is pleased with the strong response from investors.
“The quality of the exploration targets we have identified at our key projects, their location within two of Australia’s most exciting discovery addresses, and the rapid escalation in news-flow which we expect in the second half of this year,” he said.
“We welcome the addition of a number of significant new investors to the DevEx register and we look forward to advancing and releasing more exploration results from our Basin Creek, Junee and Sovereign Projects in the coming weeks,” he added.
On market close, DevEx remains steady and is trading for 11.5 cents per share.