- Siren Gold (SNG) receives firm commitments to raise $4 million via a share placement
- More than 11.4 million fully-paid ordinary shares will now be issued to institutional, professional and sophisticated investors at 35 cents each
- Subject to shareholder approval, company directors have committed to take part in the placement and have subscribed for $270,000 worth of shares
- Once received, Siren will use the money to fund drilling programs at the Alexander River and Big River projects and undertake the processing plant scoping study at Reefton
- Siren is up 8.82 per cent on the market with shares trading at 37 cents
Siren Gold (SNG) has received firm commitments to raise $4 million via a share placement.
The company entered a trading halt on November 1 but did not disclose how much it intended to raise or what the funds would be used for.
More than 11.4 million fully-paid ordinary shares will now be issued to institutional, professional and sophisticated investors at 35 cents each.
This price represents a premium to Siren’s last trading price of 34 cents on October 29.
Subject to shareholder approval, company directors have committed to taking part in the placement and have subscribed for $270,000 worth of shares.
Once received, Siren will use the money to fund drilling programs at the Alexander River and Big River projects and undertake a processing plant scoping study.
On October 28, Siren announced it had contracted GR Engineering Services (GRES) to undertake a scoping study for its Reefton Gold Project in New Zealand.
The scoping study will examine the potential to establish a processing plant at the project and GRES will examine the likely optimum treatment route for the processing facility.
The study is expected to be completed in May next year and once work has wrapped up, Siren will engage the relevant government authorities to begin the approvals process for the construction of the processing plant.
Siren was up 8.82 per cent on the market with shares trading at 37 cents at 12:17 pm AEDT.