Great Boulder raises cash
PERTH (miningweekly.com) – Junior Great Boulder Resources will raise A$7-million in a single tranche share placement to fund exploration at the Side Well gold project, in Western Australia.
The ASX-listed company said that it had received binding commitments for the placement of 63.63-million shares, at a price of 11c each from sophisticated and institutional investors.
The issue price represented a 12% discount to Great Boulder’s last closing price, and an 18.3% discount to the company’s five-day volume weighted average share price.
“We are extremely pleased with the overwhelming demand from new institutional and sophisticated investors, and we also thank our existing shareholders for their continued support. This is a strong validation of Great Boulder’s Western Australian gold and base metals asset portfolio, its exploration team and strategy,” said Great Boulder MD Andrew Paterson.
“Having announced our first high-grade intersection in May 2021, the Mulga Bill prospect at Side Well is now over 6 km long and is displaying the hallmarks of a multi-million-ounce project. The Placement positions the company with a strong balance sheet to accelerate exploration and drilling programs at Side Well to advance the Mulga Bill Prospect towards resource definition, test high priority geophysical targets and follow up high priority regional targets defined by recent aircore drilling.”
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