Ord River Resources raises $2.5 million for gold exploration
Friday, April 13, 2012 by Christine Feary
Ord River Resources (ASX: ORD) has closed a 3 for 8 Renounceable Entitlement Offer, raising $2.5 million that will be put towards gold drilling and other activities.
The offer comprised three fully paid shares for every eight shares held, at an issue price of $0.028 per share, a 31.1% discount to the company’s 30 day volume weighted average price prior to the announcement, and a 22.2% discount to its final closing price before the announcement.
At the time of launching the offer, Ord River planned to use the largest part of the money raised for a drilling program at Ord’s Suplejack Gold Project in the Northern Territory, which hosts a 55,000 gold ounce JORC Inferred Resource.
Ord company secretary and executive director Frank Zhu told Proactive Investors that the planned drilling program was aimed at increasing the Resource at Suplejack.
Link:http://www.proactiveinvestors.com.au/companies/news/27562/ord-river-resources-raises-25-million-for-gold-exploration-27562.html
ORD management now needs to move quickly to stem the tide. Here's to Frank following through on his promise.
- Forums
- ASX - By Stock
- VAN
- Ann: Rights Issue Acceptance Notification
Ann: Rights Issue Acceptance Notification , page-25
-
- There are more pages in this discussion • 30 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add VAN (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
I88
INFINI RESOURCES LIMITED
Charles Armstrong, Managing Director & CEO
Charles Armstrong
Managing Director & CEO
SPONSORED BY The Market Online