The price of gold is at its highest level since late 2012 and...

The price of gold is at its highest level since late 2012 and gold stocks are going nuts. So if you're a rebuilt gold explorer that has had some recent success, what do you do? Capitalise on the interest and grab some money while you can. Hot on the heels of gold junior raisings such as Dacian Gold, Bellevue Gold, Oklo Resources and even the bigger Resolute Mining, attention has turned to another ASX-listed junior, De Grey Mining. Street Talk understands De Grey is preparing to launch a $25 million-odd raising via Bell Potter Securities. De Grey's problem – which is a good problem – is that its shares are on a tear and have been since February when it had a series of positive announcements about drilling results from its Hemi project. It makes pricing the deal a bit more difficult, although we reckon they should be able to find a price and launch the deal in the next few days.
Whatever the price, it'll be a far cry from De Grey's last raising. It tapped the market for $5 million in November at 4.5¢ a share, also via Bell Potter. The stock finished at 30¢ on Wednesday to value the company's equity at $330 million.The funds raised are expected to be put towards De Grey's exploration program – and give incoming managing director Glenn Jardine plenty of resources to grow the kitty.