Private placement at 3.0 cents per share raises $1.75 million.
Strong participation by new and existing sophisticated investors.
Placement structure includes 3 year options with a strike price of 10 cents to be listed on the ASX.
Proceeds to fund:
– Follow up drilling at Kempfield, targeting high-grade Ag/Pb/Zn mineralisation and follow up of high grade gold intersections including 1 m @1,065 g/t Au from 97 m by hole AKDD181.
– Drilling program to test for high grade gold potential at the historic gold mining district of Trunkey Creek within the principal Kempfield tenement.
– Geochemical sampling to follow- up government records of a series of historic metallogenic occurrences within the Company’s historic Pine Ridge gold mine tenement located approximately 7 km south of Kempfield.
– Drilling program to test the Theia and Narragudgil targets for copper-gold/gold at the Company’s West Wyalong Project, and progressing the Company’s ownership towards a 70% interest.
– Working capital.
ARD Price at posting:
2.6¢ Sentiment: Buy Disclosure: Held
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