Golden Cross raises exploration funds
PERTH (miningweekly.com) – Gold developer Golden Cross Resources is hoping to raise up to A$6.8-million in a one-for-one nonrenounceable rights issue to shareholders.
The issue would be priced at 5c a share, and represented a discount of 16.7% to the five-day volume-weighted average price of Golden Cross shares, the company reported on Monday.
Golden Cross has more than 1.36-million shares on issue, and would raise a maximum of A$6.8-million if every shareholder exercised its rights.
The firm said that the funds raised under the entitlement offer would be used for exploration and development at its Copper Hill copper/gold tenements, in New South Wales, as well across its South Australian tenements.
The exploration would principally consist of drilling.
Funds would also be used for environmental and permit applications for the Copper Hill tenements.
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