Gateway Mining has secured $22.5 million in firm commitments from institutional, professional and sophisticated investors, bolstering its push to ramp up exploration across key gold projects in Western Australia.
The capital raising will fund the next phase of drilling at Gateway’s flagship Yandal Gold Project and kickstart early-stage work at the newly acquired Glenburgh South Project.
Gateway executive chairman Andrew Bray described the strong backing from both new and existing shareholders as a clear vote of confidence in the company’s strategy.
“This outcome significantly strengthens Gateway’s already strong balance sheet and positions the company to aggressively advance our planned exploration and drilling programs,” Bray said.
“With large scale drilling programs already scheduled to commence in the coming weeks, we are fully funded to build on the exciting results delivered to date and to continue unlocking value across our high-quality portfolio.”
Gateway directors and related parties committed $1.675 million to the raise, including a $1 million contribution from Bray, subject to shareholder approval. The offer price of $0.055 per share represents a 15.4 per cent discount to the last closing price.
JP Equity Partners acted as lead manager for the placement, which will see 409 million new shares issued.
Drilling at Yandal is set to begin in early October, with the program to include 25,000 metres of aircore work targeting the Mustang and Celia shears, diamond drilling at Dusk ‘til Dawn, and additional RC drilling at Great Western.
Funds will also support exploration at Glenburgh South and regional programs across Barrelmaker and Montague.
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