Duketon Mining announced that it has raised A$4.9 million through “a heavily oversubscribed placement” of 20.6 million shares at a price of A$0.235 per share, which represents a discount of 11.5% to its 15 day VWAP.
According to the company, the placement will be used for a high level predominantly RC drilling activity over the coming 6-12 months focusing on basement testing of multiple gold opportunities in the prospective Duketon Belt.
The drilling will be targeting depth extensions to significant gold anomalies at its 100% owned project areas including Davies Bore, Henrys Bore South, Lancefield North, Murphy Hills, Golden Star and potentially Hootanui and Bandya.
Duketon Mining’s Managing Director Stuart Fogarty said the placement will also be used for ongoing exploration and potentially drilling at the Company’s high priority nickel targets and general working capital purposes.
“It is pleasing to see such strong demand for the placement, reflecting the strong level of support for the Company. This allows us to commence a substantial level of exploration and more importantly, drilling focused on depth testing of some significant gold anomalies in a highly prospective gold belt,” he said.
“These activities will be executed in parallel to our joint venture activities (with Regis Resources) and position Duketon and our shareholders in a very enviable position that is highly leveraged to exploration success.”