PERTH (miningweekly.com) – ASX-listed junior Explaurum has revealed plans to raise A$7-million to fund an aggressive resource expansion and exploration programme at its Tampia gold project, in Western Australia.
The company on Wednesday revealed that it had successfully completed a bookbuild to raise A$5.5-million through a placement of up to 78.6-million shares, at an issue price of 7c each, to a number of domestic and international investors.
Explaurum would also offer eligible shareholders the opportunity to participate in a share purchase plan, aimed at raising a further A$1.5-million.
A recent successful scoping study at the Tampia gold project prompted Explaurum to start prefeasibility work at the project, which consists of 13 tenements covering some 240 km2.
“We are very pleased to have secured funding to enable us to accelerate the development of Tampia,” said Explaurum MD and CEO John Lawton.
“Each drilling programme continues to expand the potential for the project and with the new funding it means that we are in a position to now look to better understand its true extent while at the same time work towards a prefeasibility and new resource.”
“We continue to believe that Tampia is a standout project offering exciting grade potential from surface and multiple targets for substantial growth from the current 310 000 oz resource, which is located on less than 5% of the landholding at Tampia, and in our view is not within the best target area.”
Lawton said that the main objective of the company over the next 12 months would be to deliver strong exploration results, significantly increase the size and confidence of the resource, and deliver a positive prefeasibility study for development.
Edited by: Creamer Media Reporter
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