- Medallion Metals (MM8) raises $5.2 million through an oversubscribed entitlement offer to fund exploration programs and advance its projects
- The money will mostly be directed to the company’s Ravensthorpe gold project, with a 10,000 metre drill program due in September
- The program will target extensions to the previous mineral resource estimate (MRE), with plans for another MRE upgrade in November
- A total of 32.6 million new shares will be issued under the offer at 16 cents each
- Shares are trading 2.63 per cent lower today at 18.5 cents each at 12:11 pm AEST
Medallion Metals (MM8) has raised $5.2 million through an oversubscribed entitlement offer to fund exploration programs and advance its projects.
The money will mostly be directed towards the company’s Ravensthorpe gold project, where a 10,000 metre drill program is due to start in September.
Reverse circulation and diamond drill rigs have been secured for the program which will target extensions to the previous mineral resource estimate (MRE), with plans for another MRE upgrade in November.
Additionally, assays for about 8000 metres of drilling are expected to be received over the coming weeks.
The company will issue a total of 32.6 million new shares at 16 cents each. Substantial shareholders and directors of Medallion made up $2 million of the capital raise.
Managing Director Paul Bennett said the company’s recent interim resource update and ongoing results show that well funded exploration programs yield better results at the project.
“We’re well funded and with drill rigs mobilising next month, we look forward to continuing to grow the resource and test the multiple near mine and regional discovery opportunities at the Ravensthorpe gold project,” he said.
Shares were trading 2.63 per cent lower today at 18.5 cents each at 12:11 pm AEST.