Argonaut as Co-Manager has been successful in raising of A$55 million for Gascoyne Resources Limited (ASX: GCY) (“Gascoyne”) to domestic and international institutional and professional investors via a placement and share purchase plan of 110 million new ordinary shares at an issue price of A$0.50 per share, with Hartleys Limited.
Proceeds from the capital raising will be applied towards development of the Dalgaranga Gold Project in the Murchison region of Western Australia and for exploration and working capital.
Commenting on completion of the Placement, Gascoyne’s Managing Director, Mike Dunbar said “We would like to thank all of our existing shareholders who took part in the SPP and capital raising. The funds raised will now allow the Company to not only fund the equity portion of the Dalgaranga development, but also an aggressive exploration programme at both the Company’s underexplored +1 million ounce gold projects in Western Australia.
As we have announced in the past week, there has been significant progress towards the development of Dalgaranga, with the updated Resource at Gilbeys, confirmation of the Sly Fox discovery and signing of a conditional letter of intent with GR Engineering for the EPC contract.
With the fundraising now complete, we are now looking forward to the development of the Dalgaranga Gold Project and significant news flow from ongoing exploration at both of our +1 million ounce projects.”
Argonaut is delighted to provide support to Gascoyne and looks forward to our ongoing work with the company.
Additional information regarding Gascoyne and the Capital Raising can be found on the company’s website at www.gascoyneresources.com.au.