PERTH (miningweekly.com) – Junior Sunshine Gold will raise A$5-million in a share placement to fund exploration work in Queensland.
The company on Monday said that it would issue some 104.11-million shares under the company’s existing placement capacity, priced at 4.5c each, while a further 7-million shares would be issued to the directors of Sunshine Gold, subject to shareholder approval.
The funds raised from the placement will be applied to rapidly advance on recent exploration success, general working capital and for business development.
“We have an exciting period ahead. We are expecting to deliver a maiden Joint Ore Reserves Committee resource over the high-grade gold project at Triumph. In addition, drilling has commenced at our large-scale Titov and Keans copper/moly/gold/silver prospects at Ravenswood West where significant mineralisation was intersected in the 1950s/60s, but never followed up,” said Sunshine Gold MD Damien Keys.