- Bardoc Gold investors have spoken with their wallets by oversubscribing for a $3 million share purchase plan
- Shareholders had the option to subscribe for $30,000 worth of Bardoc shares at 10 cents each, and when the purchase plan closed, total subscriptions came to almost $3.2 million
- The funds are part of a $15 million capital raising plan to support Bardoc’s next stage of work at WA project
- Bardoc shares closed 3.23 per cent down on the market today, worth 9 cents each
Bardoc Gold investors have oversubscribed a $3 million share purchase plan announced in late September 2019.
The purchase plan is part of a $15 million capital raise to support Bardoc’s next stage of exploration and development at its namesake project in Western Australia.
As part of the purchase plan, eligible shareholders had the option to subscribe for $30,000 worth of Bardoc shares at 10 cents apiece. With each subscription came one attaching option for every two shares subscribed for, exercisable at 16 cents before mid-December 2020.
The closing of the share purchase plan saw investors subscribed for $3.178 million worth of shares.
Bardoc CEO Robert Ryan said this is a milestone capital raising for the company, and the strong shareholder support sets Bardoc up for future growth.
“With a very strong balance sheet and active work programs underway on multiple fronts, the company is rapidly advancing its Australian gold strategy to the next level,” Robert said.
He also highlighted the main exploration goals for the company now that the share purchase plan has been successful.
“Deep diamond drilling is currently in progress at the cornerstone Aphrodite deposit and RC [reverse circulation] drilling is scheduled to resume in the next one-two weeks across multiple target areas, commencing with a follow-up program at the exciting El Dorado prospect,” he said.
“These and other exploration initiatives should ensure strong and consistent news-flow right through to the end of the year,” he concluded.
The Bardoc Gold project cabers an area of 96 square kilometres near Kalgoorlie in WA. Historically, gold production of 56,000 ounces has been recorded from the underground mine in the late 1800s to early 1900s.
Bardoc shares closed 3.23 per cent down on the market today, worth 9 cents each in a $121.17 million market cap.