SYDNEY--Western Australia-based gold explorer Phoenix Gold is seeking to raise up to 22 million Australian dollars (US$22.8 million) to advance its drilling program, according to a term sheet seen by The Wall Street Journal.
The two-tranche equity raising - managed by Investec Bank and Patersons Securities - is being conducted at 30 cents a share, a 13% discount to the stock's last traded price.
Phoenix's flagship Castle Hill project has cash operating costs of A$840 an ounce, less than half the commodity's current price of near US$1,750 an ounce.
Phoenix entered a trading halt late Thursday pending the finalization of a capital raising.
