Vango raises exploration funds
PERTH (miningweekly.com) – ASX-listed Vango Mining will raise A$17.4-million to fund exploration work at its Marymia gold project, in Western Australia.
The company on Monday said it would raise an initial A$15-million through the placement of 187.5-million shares, priced at 8c each.
The placement will be conducted in two tranches, with the first consisting of some 55.5-million share, to raise A$4.4-million, under Vango’s existing placement capacity.
The second tranche placement of some 132-million shares, to raise A$10.6-million, will be subject to shareholder approval, with the company’s shareholders expected to meet at the end of July.
In addition to the share placement, Vango will also convert A$2.43-million of debt into equity through the issue of 30.3-million new shares, also priced at 8c each.
“This A$15-million capital raising, along with the debt conversion, provides Vango with the funding necessary to rapidly advance the staged and focused drilling programmes designed to further grow the company’s high-grade resource base and advance mining studies,” said chairperson Bruce McInnes.
“I am delighted to welcome a number of new institutional as well as new sophisticated and professional investors to Vango’s share register. The support for this raising is a strong endorsement of our plans to rapidly advance the Marymia gold project,” he added.
Capital raised will be used to fund drilling of immediate high-grade extension resource targets, as well as drill testing larger scale analogue targets. Funds will also go towards technical and economic studies for mining project development, and towards general working capital purposes.
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