- Great Southern Mining (GSN) has received firm commitments to undertake a $3.12 million placement
- All up, 39 million fully-paid shares will be issued at 8 cents, representing a 5.8 per cent discount to GSN’s last closing price of 8.5 cents on November 15
- Great Southern will use the money to follow-up on and extend recent exploration at the Cox’s Find and Mon Ami gold projects in Western Australia
- The company will also put money towards continuing geochemical programs across the Edinburgh Park Project in north Queensland
- After emerging from a trading halt, Great Southern has ended the day a slight 1.18 per cent in the red with shares trading for 8.4 cents
Great Southern Mining (GSN) has received firm commitments to undertake a $3.12 million placement.
All up, 39 million fully-paid ordinary shares will be issued to investors at 8 cents, representing a 5.8 per cent discount to Great Southern’s last closing price of 8.5 cents on November 15.
Additionally, this price represents a 6.4 per cent discount to the 15-day volume-weighted average price.
Great Southern will use the money to follow-up on and extend recent exploration at the Cox’s Find and Mon Ami gold projects in Western Australia.
The company will also put money towards continuing geochemical programs across the Edinburgh Park Project in north Queensland.
“The 2020 drilling programs at Cox’s Find and Mon Ami have delivered the company some excellent outcomes. Drilling at these two projects is set to commence shortly. We expect a strong flow of results from these programs over the coming months,” CEO Sean Gregory commented
“We are also now well-funded to continue the extensive geochemical program underway at our large-scale Edinburgh Park Project in northern Queensland,” he said.
“This program has been designed to generate drill-ready targets for planned testing in the June 2021 quarter. The Greenfield discovery potential of Edinburgh Park is considerable and we look forward to having the opportunity to rapidly progress that,” he added.
After emerging from a trading halt, Great Southern has ended the day a slight 1.18 per cent in the red with shares trading for 8.4 cents.