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  • Breaker Resources has announced a $6.3 million placement to fund further drilling, resource growth and ongoing discovery at its Lake Roe Gold project.
  • Approximately 21 million shares were issued at a price $0.30 per share.
  • Funds will finance the extension of the Bombora Resource and the advancement of the open pit pre-feasibility study on Bombora.

Breaker Resources NL has announced the undertaking of a $6.3 million placement to fund further drilling, resource growth and ongoing discovery within its Lake Roe Gold project near Kalgoorlie in Western Australia

The placement of approximately 21 million shares at an offer price of $0.30 per share was undertaken using Breaker’s 15 per cent placement capacity in accordance with ASX Listing Rule 7.1.

This price represents a 14.3 per cent discount to the last closing price of $0.35 and an 11.7% discount to the 10-day volume weighted average price of $0.34 prior to Breaker’s trading halt on 13 May 2019.

The money from the placement will be used to fund further drilling as part of Breaker’s plan to extend the existing 1.1Moz Bombora Resource within the Lake Roe Gold Project.

The funding will also advance the open pit pre-feasibility study (PFS) on Bombora and finance drilling aimed at further discovery at Lake Roe.

Settlement for the placement is due to occur on 21 May 2019 with new shares expected to be allotted and commence trading on or around 22 May 2019. The shares to be issued under the placement will rank equally with existing fully paid ordinary shares.

The Lake Roe mining project is located between the 3.5Moz Carosue Dam mine and the 0.9Moz Karonie gold deposit, and comprises six granted exploration licences, plus a mining lease, with an overall area of approximately 550 kilometres squared.

Breaker identified a 6km-long gold system at Lake Roe in 2015 using wide-spaced aircore drilling. The three subsequent phases of RC drilling commenced in March 2016 resulted in three separate gold discoveries which now constitute the continuous 3.2 kilometre long Bombora discovery.

Please find the announcement here for further details

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