- Golden State Mining (GSM) completes a placement to raise $2.5 million for its Western Australian projects
- A total of 33.3 million new shares will be issued at a price of 7.5 cents each
- The funds will be used across three of the company’s projects as well as for a review of historic data on new tenement areas, additional exploration programs, and working capital
- The company said the placement was oversubscribed
- Shares are trading 13.6 per cent lower today at 9.5 cents each
Golden State Mining (GSM) has completed a placement to raise $2.5 million for its Western Australian projects.
A total of 33.3 million new shares will be issued at a price of 7.5 cents each.
The funds will be used across three of the company’s projects as well as for a review of historic data on new tenement areas, additional exploration programs, and working capital.
At the Four Mile Well project, money will be directed towards a soil sampling survey and follow up aircore (AC) or reverse circulation (RC) drilling.
Meanwhile, at the Yule project, the company will target three areas for a number of different minerals using AC, RC, and diamond drilling.
Soil sampling will be conducted at Payne’s Find, as well as target work for lithium and base metals.
Managing Director Mike Moore said the placement was oversubscribed.
“The appetite for this placement has certainly endorsed the recent project targeting strategy as well as the significant advances made at the Yule project in the Pilbara region of WA over the past two years,” he said.
“GSM is now well positioned as it looks to significantly advance lithium and gold exploration at our six key target areas at Yule as well as important preliminary work at our Payne’s Find lithium and base metals project in the Murchison region which formed part of our aggressive targeting work in late 2021 in Western Australia.”
Shares were trading 13.6 per cent lower today at 9.5 cents each at 3:55 pm AEST.