- Nagambie Resources (NAG) has raised an additional $900,000 through the issue of Series 9 unsecured convertible notes
- The company’s placement of convertible notes at ten cents each received further support from sophisticated and professional investors
- When accounting for the initial $2.6 million raised earlier this month, Nagambie Resources has raised $3.5 million in total
- Funds will go towards early redemption of Series 5 Notes, a potential property acquisition, drilling, mine site preparation, and working capital
- Nagambie Resources is in the grey and trading at 8.6 cents per share
Nagambie Resources (NAG) has raised an additional $900,000 through the issue of Series 9 unsecured convertible notes.
The company went into a trading halt on March 30, 2021, as it prepared to conduct a convertible note capital raise. Only days later on April 1, Nagambie Resources announced that it had successfully raised an initial sum of $2.6 million through the issue of Series 9 convertible notes, at ten cents each.
Since that announcement, the company’s convertible notes placement has received further support from sophisticated and professional investors, resulting in the extra $900,000 in proceeds. When added to the initial $2.6 million raised earlier this month, this additional yield means that Nagambie Resources has raised a total of $3.5 million through its convertible notes issue.
The funds raised through the issue of Series 9 Notes will go towards a variety of purposes, including the agreed early redemption of all Series 5 notes on April 13, 2021. This early redemption will cover 3,333,333 unsecured convertible notes with a face value of 18 cents each for a combined total value of $600,000.
Additionally, $905,000 in funds will be used for the potential acquisition of a farming property that shares a border with the southern edge of the Nagambie Mine.
Some proceeds may also go towards continued diamond drilling of a sulphide-gold target near the mine’s west pit, site preparation for the company’s PASS management project and increasing working capital.
Nagambie Resources is in the grey, trading at 8.6 cents per share at 3:49 pm AEST.