Argonaut has acted as Lead Manager to Genesis Minerals Ltd (ASX: GMD) (“Genesis”) in its well supported placement of A$5 million to new and existing institutional and sophisticated investors.
The proceeds will be used to fund ongoing resource definition and exploration drilling programs and feasibility study work at Ulysses, where the Company recently announced an upgraded Mineral Resource of 7.1Mt @ 3.3g/t gold for 760,000 ounces of contained gold.
Commenting on the Placement, Genesis Managing Director Mr Michael Fowler said he was pleased with the strong level of investor support received:
“I would like to thank both existing shareholders and the new investors who participated in this important capital raising, which really sets Genesis up for a pivotal year in 2019. Drilling has been continuing since the October Resource update, with additional results expected over the coming weeks, and we intend to increase the pace of drilling in early 2019 targeting extensions of the deposit both along strike and down-plunge. We will also test a number of priority regional targets, and aim to drill out a potential oxide Resource at Orient Well.”
Argonaut is delighted to provide ongoing support to Genesis and looks forward to working with the Company as it continues to create further value for shareholders.
Additional information regarding Genesis can be found on the Company’s website at www.genesisminerals.com.au.