Argonaut has acted as Lead Manager to Genesis Minerals Ltd (ASX: GMD) (“Genesis”) in its oversubscribed placement of A$5 million to new and existing institutional and sophisticated investors.
The proceeds will be used to fund an aggressive 30,000m, staged drilling program and feasibility studies at Genesis’ rapidly emerging Ulysses Gold Project, where the Company has recently announced an upgraded Mineral Resource of 3.3Mt @ 3.0g/t gold for 321,000 ounces of contained gold (see ASX Announcement 21 February 2018).
Commenting on the Placement, Genesis Managing Director Mr Michael Fowler said he was delighted by the strong level of support received:
“We had an overwhelming response from both institutional and retail investors wanting to participate in the raising, which is a testament to the outstanding prospectivity of the Ulysses Gold Project.
“The Placement was significantly oversubscribed, and I would like to sincerely thank everyone who participated in the raising for their support.
“Investors can look forward to strong news-flow in the weeks and months ahead. A diamond rig arrived on site this week, joining the RC rig which has been working since early March. We also anticipate adding another drilling rig at the end of the month, and we expect all three rigs to be operating for a significant period of time as we work hard to grow the existing resource and lay the foundations for a significant new Australian gold project.”
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 http://www.genesisminerals.com.au/
