Geopacific raises A$10.5m for Woodlark
PERTH (miningweekly.com) – ASX-listed Geopacific Resources has raised A$10.5-million through a share placement to advance its Woodlark gold project, in Papua New Guinea, towards production.
The company on Friday announced that it would place 250-million shares, at 3c each, to a wide range of high-calibre investors, the majority of which were already shareholders.
The shares would be placed under the company’s existing capacity, and would not require shareholder approval.
“We are delighted with the level of support we have seen in this placement. We have achieved an oversubscribed capital raise, offered without a discount to the closing price on the day prior to the placement,” said Geopacific MD Ron Heeks.
“The strength of support from specialist resource sector investors and generalist Australian institutional investors demonstrates that Geopacific presents a value proposition,” he added.
The company is now planning a share purchase plan to raise an additional A$1-million, with shares to be priced at 3c each.
Geopacific is currently advancing work at its Woodlark project, where a previous definitive feasibility study estimated that a 1.8-million-tonne-a-year gravity and carbon-in-leach operation could produce around 100 000 oz/y of gold.
Geopacific had initially entered into an earn-in agreement with fellow-listed Kula Gold to acquire an 80% share in the project area, but in April this year launched a full takeover offer for Kula.
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