Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Gold explorer De Grey Mining (DEG) receives firm commitments to raise $125 million for its Mallina Gold Project
  • The company is issuing around 113 million shares at $1.10 per share, a nine per cent discount to the last traded share price
  • Proceeds from the placement will be used to be complete a pre-feasibility study for the Mallina gold project in WA as well as drilling at the Hemi deposit
  • Company shares commenced trading today and are down 8.26 per cent at $1.11 per share

De Grey Mining (DEG) has received firm commitments to raise $125 million for its Mallina Gold Project.

Earlier this week, the gold miner announced the placement which would issue around 113.6 million shares at $1.10 per share.

The placement price represents a nine per cent discount to the last traded share price.

Proceeds from the placement will be used for the Mallina gold project in Western Australia. Specifically, the company will complete a pre-feasibility study, drilling at the Hemi and Regional deposits as well as other exploration activities.

The placement saw strong demand from domestic and offshore institutions.

Earlier this week, Managing Director Glenn Jardine commented on the placement.

“The placement provides De Grey with a significant capital runway to undertake exploration activities to expand the existing resource, and progress project development studies,” he said.

“De Grey will now have a significantly strengthened balance sheet which provides a strong platform to unlock further value at Mallina.”

Company shares commenced trading today and were down 8.26 per cent at $1.11 per share at 11:21 am AEDT.

DEG by the numbers
More From The Market Herald

" Shares in Carnaby Resources (ASX:CNB) rise following lithium anomaly find at Big Hill

Shares in Carnaby Resources (CNB) were up as much as 26.5 per cent this morning after the company identified a lithium soil anomal…
St George Mining (ASX:SGQ) - Executive Chairman, John Prineas (centre)

" St George Mining (ASX:SGQ) highlights new target in seismic survey

St George Mining (SGQ) has identified a large target at the Mt Alexander project in Western Australia’s Goldfields region.

" Minotaur Exploration (ASX:MEP) starts joint venture with OZ Minerals (ASX:OZL)

Minotaur Exploration (MEP) and OZ Minerals (OZL) have established a farm-in joint venture over Minotaur’s exploration tenement group at the Peake and Denison

" Great Boulder Resources (ASX:GBR) defines more gold at Mulga Bill

Great Boulder Resources (GBR) has received the remaining assays from reverse circulation drilling at the Mulga Bill prospect within the Side Well Gold