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- Godolphin Resources (GRL) has received firm commitments to raise roughly $3.5 million through a two-phased placement
- All up, more than 14.5 million new shares will be issued to sophisticated and professional investors at 24 cents each
- Subject to shareholder approval, 3 million options will be issued to Euroz Hartleys with an exercise price of 40 cents and expiry two years from the date of issue
- Euroz Hartleys acted as Sole Lead Manager and Bookrunner for the placement
- Godolphin will use the money to aggressively test gold and gold-copper targets across its projects within the Lachlan Fold Belt of NSW
- Godolphin has ended the day 8.47 per cent in the red with shares trading for 27 cents each
Godolphin Resources (GRL) has received firm commitments to raise roughly $3.5 million through a two-phased placement.
The company first entered a trading halt yesterday, signalling it was gearing up to tap investors for additional equity.
It’s since announced 14,583,340 new shares will be issued to sophisticated and professional investors at 24 cents each.
That price represents a 16.4 per cent discount to the five-day volume weighted average price of GRL shares.
The placement will be executed in two phases, with phase one issuing 10,370,000 new shares to raise roughly $2.49 million.
Subject to shareholder approval, phase two will issue 4,213,340 new shares to raise around $1.01 million.
Godolphin will aim to receive approval to push ahead with phase two of the placement at its next general meeting scheduled for mid-December.
Additionally, subject to shareholder approval, Godolphin will also issue 3 million options to Euroz Hartleys, the Sole Lead Manager and Bookrunner.
The options will have an exercise price of 40 cents and expire two years from the date of issue.
Godolphin said it plans to use the money raised via the placement to aggressively test and advance gold and gold-copper targets across its projects within the Lachlan Fold Belt in NSW.
“We are now very well-funded to ensure we can continue to methodically test our priority targets,” CEO David Greenwood said.
“In particular, we are excited to follow up the outstanding start to drilling at our Turrawonga project where we have very recently announced the discovery of a gold-copper porphyry type mineralised hydrothermal system at Turrawonga,” he added.
Godolphin has ended the day 8.47 per cent in the red with shares trading for 27 cents each.
