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.
