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- Iceni Gold (ICL) completes $2.025 placement to fund additional drilling at its 14 Mile Well Project in Western Australia
- The company has issued nine million shares to an unrelated sophisticated investor at 22.5 cents per share
- Iceni Gold recently undertook diamond drilling at the Deep Well and TOTK targets which has shown positive indications
- In addition, ICL will use the money for a seismic survey at 14 Mile Well
- Company shares are up 34.3 per cent to trade at 23.5 cents at 1:10 pm AEST
Western Australia-based explorer, Iceni Gold (ICL) has completed a placement to raise $2.025 million.
The company issued nine million fully paid ordinary shares to an unrelated sophisticated investor at a price of 22.5 cents per share. The placement shares represent around 4.5 per cent of ICL’s shares on issue
Iceni Gold plans to use the money for additional diamond drilling at the Deep Well and TOTK target areas, which are both part of the 14 Mile Well Project in Western Australia.
The company recently completed a 25-hole diamond drilling program at Deep Well which intersected multiple narrow zones of alteration across 200 metres.
Iceni is also undertaking an initial drilling program at TOTK which is following up on known gold anomalism and high-grade results.
In addition to conducting further drilling over these areas, Iceni will also put the placement funds towards a seismic survey along the 35-kilometre Danjo Batholith to build on exploration work completed at 14 Mile Well so far.
As the placement shares have been issued using its existing placement capacity, Iceni Gold won’t be seeking shareholder approval.
Company shares were up 34.3 per cent to trade at 23.5 cents at 1:10 pm AEST.
