Doray raises cash, plans drilling at Andy Well
PERTH (miningweekly.com) – ASX-listed gold miner Doray Minerals on Thursday told shareholders that it would accelerate exploration work at its Andy Well mine, in Western Australia, following a A$17-million capital raising.
The miner had placed 21-million fully paid ordinary shares, at a price of 80c each to new and existing domestic and institutional investors. The issue price was a 6% discount to the company’s ten-day volume-weighted average price.
MD Allan Kelly said the capital raising would enable the company to accelerate the systematic exploration of the Andy Well gold project in the near term, and would help it take advantage of the competitive drilling rates on offer at the moment.
It would also improve Doray’s ability to take advantage of opportunities that could arise in the current market.
“We have some very high-quality near-mine exploration targets within the Andy Well project that we are looking forward to testing over the upcoming months, and we believe that accelerating the drilling programme at Andy Well could provide a significant positive return for shareholders in the near term.”
Kelly added that the capital raising would provide Doray with the ability to rapidly advance a number of these targets with the aim of adding to the project mine life in the near term, while maintaining the debt repayment schedule, which would see the company pay off the A$55-million project finance facility by the end of September this year.
Doray officially opened the Andy Well mine in November last year, after the mine poured its first gold in August.
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