Bardoc Gold Limited has announced it has raised $12.03 million in excess of its original target of $11.3 million.
This is after the successful completion of its entitlements offer after strong demand from existing and new institutional shareholders.
The non-renounceable offer priced shares at $0.04 per share to existing shareholders and was issued in two separate phases.
The first phase will release 105,730,759 shares to commence on May 1 and the second will release 25,000,000 on May 13.
CEO Robert Ryan hopes these shares will boost their appeal overseas.
“This busy program should generate consistent news-flow over the coming months with the aim to build a resource inventory of scale and relevance as quickly as we can, to give ourselves the best opportunity of creating a sustainable gold business that will appeal to global investors,” he said.
The total proceeds stand at $4.4 million from rights issue plus $0.63 million from additional applications.
This support and money raised put Bardoc in a strong position to continue to execute its gold strategy.
“We are delighted with the response to the Entitlement Issue which allows us to fast-track our Australian gold strategy and puts us in an outstanding position as an emerging WA gold explorer and developer,” Mr Ryan said.