Dampier Gold has locked in a $6 million capital raise to fund its ongoing exploration program in WA’s Eastern Goldfields. The company says its placement was oversubscribed and well supported by both institutional and strategic investors, with global financiers Canaccord Genuity acting as lead manager to the capital raising.
The welcome funding is ear-marked to expedite exploration across Dampier’s Zuleika Shear projects near Kalgoorlie, with over 8,000m of aircore drilling set to kick off in early 2021.
Dampier’s placement will be made to professional, sophisticated and institutional investors, with a total of 109.1 million shares being issued in two tranches to satisfy the ASX listing rules. The shares will be issued at $0.055 each, which equates to around a 15 per cent discount to Monday’s closing price of $0.065.