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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.

Please find the announcement here  

BDC by the numbers
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