Astral raises A$25m to fund Mandilla gold project through to FID
Gold developer Astral Resources has secured A$25-million through a two-tranche placement, ensuring the company is fully funded to complete the prefeasibility and definitive feasibility studies for its Mandilla gold project, located south of Kalgoorlie in Western Australia.
The capital raise will see the issuance of 263-million new fully paid shares at A$0.095 each. The first tranche has already brought in A$21-million, with the second tranche, pending shareholder approval, set to raise an additional A$4-million.
“We are delighted with the strong support shown by both new and existing investors in the placement,” said Astral MD Marc Ducler.
“The calibre of new investors we were able to attract and the quantum of funds we were able to raise is testament to the quality of the Mandilla gold project as one of Australia’s best near-term gold development stories.”
In addition to funding the Mandilla studies, proceeds from the placement will be directed toward evaluation activities at Astral’s Feysville project.
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