Strickland raises A$12m for gold hunt
PERTH (miningweekly.com) – Metals developer Strickland Metals will raise A$12-million in a share placement to fund resource expansion and exploration work at its Yandal gold project, in Western Australia.
The company on Monday announced that it had received firm commitments for the placement of 160-million shares at a price of 7.5c each.
The new shares would be issued under the company’s existing placement capacity, and will not require shareholder approval.
Strickland CEO Andrew Bray said that the company was thrilled to have secured the support of new institutional investors.
“This capital raise is in many ways transformational for Strickland as it means we are now fully funded for the resource drill out at Millrose, which is the cornerstone of our gold strategy. The northern portion of our ground, host to the Dusk til Dawn and Big Daddy gold trends, is also emerging as a very exciting area, and we’re growing increasingly optimistic about the likelihood of further gold discoveries out of the current reverse circulation programme and next year’s planned programme,” said Bray.
“Additionally, this funding gives us the flexibility to continue progressing the exciting, recently discovered zinc/lead mineralisation at Iroquois. We’ll continue to conduct programmes at Iroquois in parallel with our main gold strategy, with drilling expected to recommence there in the first quarter of next year.”
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