
September 11, 2023
Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to announce details of a capital raising and drilling programs.
Highlights
- Capital raising of approximately $2.0m, including a commitment of $120,000 from directors and management (subject to shareholder approval).
- Proceeds from the capital raising will be used to fund exploration at Auld Creek, Sams Creek, Lyell, Cumberland, and Big River South.
- Exploration will commence with drilling at the Company’s Auld Creek tenement.
- Siren is well funded to continue to grow the company’s resource base.
Capital Raising
The Company has received commitments from institutional, professional and sophisticated investors to raise approximately $2.0m (Placement).
Under the Placement, SNG will issue 26,689,998 fully paid ordinary shares (Shares) at an issue price of $0.075 per Share. The placement includes one (1) attaching options for every two (2) Placement Shares issued. The options will be exercisable at $0.12 each, expiring 2 years from the date of issue (Options).
Placement funds raised will be used for the following:
- Auld Creek – drilling, mapping and trenching.
- Sams Creek – drilling, mapping and soil sampling.
- Lyell – drilling, mapping and trenching.
- Cumberland – soil sampling, mapping and trenching.
- Big River South – soil sampling, mapping and trenching.
- Working capital and costs of the Placement.
The Company will not seek shareholder approval for the issue of the Placement Shares, as they will be issued utilising the Company’s existing Listing Rule 7.1 and 7.1A capacity. The Company will seek shareholder approval for the participation of related parties in the Placement which totaled $120,000, and the issue of Placement Options at a forthcoming shareholder meeting.
Morgans Corporate Limited (Morgans) acted as Lead Manager to the Placement.
Siren’s Executive Chairman Brian Rodan commented, “We are very happy with the strong support from both existing and new shareholders following the addition of just under 400,000 ounces to the company’s resource base for the 2023 year-to-date. Siren remains focused on the cost-effective growth in our gold resources, as we continue to progress the Company’s attractive New Zealand tenement packages around Reefton and Sam’s Creek”.
Click here for the full ASX Release
This article includes content from Siren Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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