- Vango Mining (VAN) raises $6.1 million through an equity placement to advance its Marymia Gold Project in Western Australia
- The company is completing a 15,000-metre drilling program to target 11 open pits that aren’t part of Marymia’s existing resource
- Under the placement, around 93.6 million shares will be issued to investors at 6.5 cents per share
- The company has also agreed to to convert $200,000 that’s owed to unrelated contractors into equity
- Vango’s shares are up 1.49 per cent to trade at 6.8 cents at 3:40 pm AEST
Vango Mining (VAN) has raised $6.1 million through an equity placement to advance its Marymia Gold Project in Western Australia.
Under the placement, Vango will issue 62.8 million fully paid ordinary shares at 6.5 cents to unrelated investors to raise around $4.1 million. The other $2 million will be raised by issuing 30.8 million new shares at the same issue price to related investors.
Additionally, the company has agreed to convert $200,000 that’s owed to unrelated contractors into equity. Vango will do so via the issue of 3.1 million shares at 6.5 cents per share.
Prior to entering the trading halt, the company flagged its plans to conduct at least 15,000 metres of resource expansion drilling at the WA project which made it fairly clear where the upcoming funding would go.
Drilling will target 11 priority open pits that aren’t yet part of Marymia’s JORC 2012 one-million-ounce resource. The drilling will aim to add near-surface resources amenable to open-pit mining to support a future mining operation.
The drill campaign will also focus on the Crown Jewels Trident deposit to define further high-grade extensions, and also at the Ned’s Creek Project which is held in a joint venture with Lodestar Minerals (LSR).
Additionally, Vango Mining plans to increase the Marymia Project’s indicated and inferred resource later this year.
Vango’s shares were up 1.49 per cent to trade at 6.8 cents at 3:40 pm AEST.