Benz to ramp up Glenburgh drilling with A$30m raise
ASX-listed Benz Mining on Wednesday announced a A$30-million capital raise from a bought-deal share sale to accelerate exploration at its Glenburgh gold project in Western Australia, doubling its drilling capacity to four rigs.
The financing, done at A$0.985 per CHESS depositary interest, was driven by strong demand from “leading, high-quality offshore institutional investors” and supported by existing large institutional shareholders, the company said in a statement.
The placement will lift Benz’s pro-forma cash position to more than A$40-million, giving it the firepower to pursue an “aggressive” resource growth strategy.
“This is a transformational capital raising for Benz which will position the company to significantly increase its exploration activities at the Glenburgh project, following recent drilling successes at the Icon prospect and at Zone 126,” chairperson Evan Cranston said.
The company plans to deploy dedicated rigs to the Icon Apollo trend to “rapidly unlock the size and scale of the emerging bulk tonnage system", while other rigs will continue targeting high-grade ounces along the Zone 126 trend and scout new untested priority targets.
“The demand received from these institutions, together with our existing large institutional shareholders, is seen as a strong endorsement of our recent discoveries and the exploration potential that remains within our belt-scale tenure,” Cranston said.
Proceeds will also fund work at the Mt Egerton gold project in Western Australia and a scoping study for the high-grade Eastmain gold mine in Quebec, Canada.
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