Gascoyne completes first part of raising
PERTH (miningweekly.com) – Gold junior Gascoyne Resources received firm commitments to raise A$17.8-million through its share placement and institutional entitlement offer, as part of a greater A$50-million funding package announced earlier this week.
Gascoyne on Wednesday said it would place 86-million new shares, at a price of 10c each, to raise A$8.6-million, and in its 1-for-2.42 pro-rata accelerated non-renounceable institutional entitlement offer, would place some 91-million new shares to raise gross proceeds of some A$9.1-million.
The completion of the placement and the institutional entitlement offer represented the completion of the first stage of Gascoyne’s fully-underwritten A$26.3-million equity raising.
“The strong support for the equity raising reinforces the value of Gascoyne’s portfolio and validates the steps taken by management late last year to preserve shareholder value through placing the Dalgaranga gold mine on care and maintenance,” said Gascoyne MD and CEO Simon Lawson.
“We believe we have a very exciting future as Gascoyne is fully funded through to mid-2024 and is able to spend considerable time and money on delineating and expanding the exciting high-grade Never Never gold deposit.”
The fully underwritten retail component of the entitlement offer will open on March 6 and will close on March 27.
Additionally, Gascoyne has also entered into binding agreements with Tembo Capital Mining Fund for a A$21.3-million investment in the company, and the drawdown for this funding has now been submitted following the satisfaction of all conditions precedent. Gascoyne has also submitted the drawdown request for the A$2.5-million unsecured loan provided by Delphi.
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