South Australia-based explorer Barton Gold Ltd (ASX: BGD), having raised $3 million through a strategic placement beginning last month, is now seeking to boost this with a share purchase plan (SPP) targeting an additional $1 million to support its exploration plans for 2024 and beyond.
The strategic placement – announced on March 27 – saw shares priced at $0.24 each and attracted interest from investors worldwide.
For the $1 million non-underwritten SPP which was announced on the same day, share prices will remain at the same price, and Barton will publish a booklet on the Australian stock exchange to explain the plan on April 9, the date of its opening.
The SPP will close on Friday April 26 at 5pm AWST.
Barton managing director Alex Scanlon said the success of its strategic placement indicated investor interest in the company’s plans for exploration, with a strong program of work ahead.
“This Placement further strengthens our share register composition as we progress into Tunkillia scoping studies and Tarcoola high-grade target drilling, and represents a further endorsement of Barton’s platform and strategy,” he said.
“We thank our institutional and sophisticated shareholders for their continued and growing support of our vision.
“Together with the ongoing sales tender for more than $4 million contained gold-in-concentrates, Barton is very well capitalised to pursue its objectives and we encourage eligible shareholders to take up the opportunity.”
Barton is seeking to pin down what it defines as ‘district scale structures’ at the Tunkillia gold project, which holds a mineral resource estimate of 1.5 million ounces, while also progressing exploration at the nearby Tarcoola, a brownfield open-pit mine with numerous extensions.
Barton Gold was up almost 4 per cent in early trade at 27c.