Argonaut acted as Joint Lead Manager to successfully raise A$40 million for Dacian Gold Limited (ASX:DCN) (“Dacian” or “the Company”). The Company raised funds from Australian and international institutional and professional investors by way of a placement at an issue price of A$2.70 per share. The placement was heavily oversubscribed with significant demand generated from new major domestic and international institutional investors.
Dacian has confirmed that funds raised pursuant to the Placement will be applied towards accelerated exploration programs at Westralia and Cameron Well and extinguishment of the Jupiter life of mine royalty obligation.
Commenting on the Placement, Dacian’s Executive Chairman & CEO, Rohan Williams, said:
“I am delighted with the success of the Institutional Placement which was very strongly supported by a high quality group of investors. We are particularly grateful for the support of our existing shareholders and also pleased to welcome a number of new, domestic and international institutions onto the Dacian register. Dacian’s eligible retail shareholders will have an opportunity to participate through the Share Purchase Plan.”
“The equity raising allows the Company to fast-track the value-realisation of recent significant advances made on the exploration front at Mt Morgans by bringing forward discovery of new Mineral Resources and potentially new mines and higher production levels. In addition, the cancellation of the Jupiter life-of-mine royalty will allow the Company to retain more of the cash generated by the Mt Morgans operations.”
Argonaut is delighted to continue to provide support to Dacian and looks forward to our ongoing work with the company.
Additional information regarding Dacian can be found on the company’s website at www.daciangold.com.au.