Chesser raises cash for Turkey project
PERTH (miningweekly.com) – Gold explorer Chesser Resources is hoping to raise A$7.3-million for its Kestanelik project, in Turkey, where it is working towards completing a prefeasibility study (PFS).
Chesser said on Monday that it had already raised A$2.46-million through a share placement to institutional and sophisticated investors, and would now look to raise the balance of the capital through a fully underwritten, pro rata non-renounceable entitlement offer to shareholders.
The company would issue more than 43.9-million shares under the entitlement offer, allowing shareholders to take one new share for every four held, at an issue price of 11c a share.
The offer price was a 4.3% discount to the closing price of Chesser’s shares on September 11.
“We are delighted with the strong support demonstrated by our existing investors and new shareholders in both the placement and the underwriting of the entitlement offer,” said MD Rick Valenta.
“We look forward to applying these funds to continue our progress at the Kestanelik project over the next 18 months, as we progress the project through prefeasibility, feasibility and environmental permitting.”
The PFS included a planned 21 000 m drilling programme to convert existing inferred resource to indicated status.
The project currently has a total indicated and inferred resource of some 10.1-million tonnes grading 2.15 g/t gold, for 703 000 oz of contained gold.
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