Pacgold

Successful $5.6 million Placement for Exploration Program at Alice River Gold Project

Ǫueensland focused gold explorer, Pacgold Limited (ASX: PGO) (Pacgold or the Company) is pleased to announce it has received firm commitments for a $5.6 million two-tranche placement (Placement) via the issue of 93.3 million new fully paid ordinary shares in the Company (New Shares).


HIGHLIGHTS

  • Firm commitments received for a $5.6 million Placement
  • Strong support from new and existing institutional and sophisticated investors
  • Funds raised allow the Company to accelerate exploration activities at its 100% owned Alice Creek Gold Project in North Ǫueensland

Funds raised from the Placement will be applied towards exploration programs at the Company’s 100% owned Alice River Gold Project (the Project), 300km northwest of Cairns, North Ǫueensland, including:

  • 12,000 meters of reverse circulation drilling
  • 3,000 meters of diamond drilling;
  • 5,000 meters of aircore drilling;
  • Regional geophysical and geochemical programs; and
  • General working capital.

Pacgold’s Managing Director, Matthew Boyes, commented:

“The support from existing and new shareholders for the Placement is a clear demonstration of support for the quality of the Alice River Project.”

“With this years exploration programmes now well underway and with a quality team in place we can look forward to an exciting year for Pacgold as we expand our exploration footprint extensively along the Alice River project.”

Placement Details

Under the Placement, 93,333,334 New Shares will be issued at A$0.06 per share (Placement Price) comprising:

  • Under Tranche 1: 8,329,262 New Shares will be issued pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1 to raise approximately A$0.5 million, and 13,145,428 New Shares will be issued pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1A to raise approximately A$0.8 million;
  • Under Tranche 2: 71,858,644 New Shares will be issued subject to shareholder approval at a General Meeting of Shareholders, expected to be held in early July 2025, to raise approximately $4.3 million.

The Placement shares will rank pari passu with other ordinary shares on issue.

The Directors of the Company intend to subscribe for a combined $200,000 worth of shares in the Placement, subject to shareholder approval at a General Meeting expected to be held in early July 2025.

Participants in the offer will also receive one (1) free attaching option for every two (2) New Shares subscribed for in the Placement (Attaching Options). The Attaching Options will have an exercise price of $0.10 and an expiry date of 31 December 2027. The Attaching Options will be issued subject to shareholder approval.

Use of funds

Funds raised from the Placement will be used for gold exploration programs at the Alice River Gold Project, as set out in the introductory paragraph above.


Click here for the full ASX Release

This article includes content from Pacgold, 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.

The Conversation (0)
Jeffrey Christian, gold bars.

Jeffrey Christian: Gold, Silver, PGMs — Short-term Prices and Key Drivers

Jeffrey Christian, managing partner at CPM Group, shares his latest thoughts on gold, silver and platinum-group metals, outlining potential price scenarios for the months ahead.

He also discusses his broader outlook for the US economy.

Keep reading...Show less
Wooden gavel on a reflective surface, legal books blurred in the background.

Mali Court Seizes Control of Barrick Gold Mine Amid Escalating Dispute

A court in Bamako has ordered the temporary transfer of operational control of Barrick Mining's (TSX:ABX,NYSE:B) Loulo-Gounkoto gold-mining complex to a state-appointed administrator for six months.

The ruling, handed down on Tuesday (June 17) by the Tribunal de Commerce, empowers former health minister and certified accountant Soumana Makadji to run one of Barrick’s most lucrative global assets.

The company has described the move as “unjustified” and “unprecedented.”

Keep reading...Show less
Brightstar Resources

Brightstar Resources


Keep reading...Show less
Kobo Resources Intersects 21.5 m at 1.14 g/t Au and 20.0 m at 1.41 g/t Au at the Jagger Zone and Files FY 2025 Financial Results

Kobo Resources Intersects 21.5 m at 1.14 g/t Au and 20.0 m at 1.41 g/t Au at the Jagger Zone and Files FY 2025 Financial Results

  • All reported holes intersected gold mineralization, reinforcing continuity and improving structural understanding at the Jagger Zone
  • Results support   the Company's systematic exploration and targeting approach for further resource definition at Kossou

Kobo Resources Inc. (" Kobo" or the " Company ") ( TSX.V: KRI ) is pleased to announce additional diamond drill results from the ongoing exploration program at its 100%-owned Kossou Gold Project (" Kossou ") in Côte d'Ivoire. Results from the Jagger Zone continue to confirm broad zones of mineralisation and extend the footprint of gold-bearing structures along strike and at depth.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Auric Mining (ASX:AWJ)

Munda Gold Mine Mining Progresses: First Blast

Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to provide an update on mining of the Starter Pit at the Munda Gold Mine, 5km from Widgiemooltha, Western Australia.

Keep reading...Show less

Latest Press Releases

Related News

×