Spartan Resources has announced a fully underwritten A$80m ($51.3m) equity-raising initiative to fast-track the exploration and development of the Dalgaranga Gold Project in Western Australia (WA).
This fundraise comprises an institutional placement aimed at garnering around A$47m and a one-for-17 pro rata accelerated non-renounceable entitlement offer that is expected to rake in around A$33m.
The Dalgaranga Gold Project is situated 475km north-east of Perth and roughly 65km north-west of Mt Magnet.
It encompasses a fully developed gold mining operation currently on care and maintenance, and a significant exploration landholding.
The mine produced 71,153oz in the 2022 financial year before operations were paused in November 2022 to allow for strategic planning and financial restructuring.
The equity raise will be conducted at a fixed offer price of A$0.58 per share, which is an 11.5% discount to the last stock close and a 5.7% discount to the five-day volume-weighted average price.
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Read More: Spartan announces $80m equity raise for Dalgaranga project in WA