First Au (ASX:FAU) to raise $900k for exploration

• First Au (FAU) receives firm commitments to raise $900,000 through a placement to fund its Victorian and Western Australian projects
• The company will issue 112.5 million new shares at a price of 0.8 cents each, representing a 23 per cent discount to the 150-day volume weighted average price (VWAP)
• For every two new shares subscribed for, one attaching option will be received, exercisable at 1.3 cents and expiring at the end of next year
• The funds will be directed towards the Victorian gold project, including an underground drill program, a LIDAR survey and structural mapping
• Shares close 10 per cent lower at 0.9 cents each

First Au (FAU) has received firm commitments to raise $900,000 through a placement to fund its Victorian and Western Australian projects.

The company will issue 112.5 million new shares at a price of 0.8 cents each, representing a 23 per cent discount to the 150-day volume weighted average price (VWAP).

For every two new shares subscribed for, one attaching option will be received, exercisable at 1.3 cents and expiring at the end of next year.

The funds will be directed towards the Victorian gold project, including an underground drill program, a LIDAR survey and structural mapping.

In addition, the money will be used for working capital and to advance the Gimlet gold project in Western Australia.

In other news, the company has recently completed drilling at Dogwood with assays pending.

Shares closed 10 per cent lower at 0.9 cents each.