They had cash in the order of $4.5M at the end of the last quarter, however, they have conducted two 15,000m drill programs at Laverton South gold projects and are due to commence drilling at Jungar Flats project in August.
Even so I would not have thought they would have desperately needed to raise cash again yet. Wondering if a cornerstone investor might be coming on board. Thinking this could be very positive for E79 if this is the case.
Their exploration is really ramping up now on both the Laverton South & Jungar Flats large scale projects so I wouldn't be surprised if E79 has caught the eye of a number of sophisticated investors.
All will be revealed by Monday but I'm seeing this cap raise as a very positive move at this point. It will allow them to keep aggressively exploring their projects which are showing excellent upside so far and if the cap raise was in the form of a cornerstone investor or the like this would add tremendous confidence in market.
E79 Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held
