Total
0
Shares
DGR Global (ASX:DGR) - Founder & Managing Director, Nick Mather
Founder & Managing Director, Nick Mather
Source: DGR Global
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • DGR Global (DGR) is set to bank $3 million from three separate investors as an interim measure while it considers future funding alternatives
  • A total of 57,692,308 company shares are set to be issued to three unnamed parties at 5.2 cents each
  • Proceeds from this raise are set to go towards maintaining the company’s 19 per cent stake in Armour Energy (AJQ), where DGR’s Nicholas Mather sits as Executive Chair
  • The DGR Global board says it has identified several funding options for the company moving forward
  • GDR Global shares are trading in the grey at 6 cents

DGR Global (DGR) is set to bank $3 million from three separate investors as an interim measure while it considers future funding alternatives.

A total of 57,692,308 new shares are set to be issued to the unnamed parties at $0.052 per share and will be subject to a nine-month escrow period.

The placement comes several months after DGR notified investors it had two-quarters worth of funding remaining β€” approximately $812,000 β€” via its April quarterly cashflow report.

Proceeds from this raise are set to go towards maintaining its 19 per cent stake in fellow ASX-lister Armour Energy (AJQ), where DGR Global’s Chief Executive Officer Nicholas Mather sits as Executive Chair.

Prior to today’s announcement, DGR last raised roughly $16 million via an institutional and retail capital raise in November 2020 β€” a large amount of which went to paying off a convertible note facility.

The DGR Global board said it has identified several funding options for the company moving forward and will be utilising its balance sheet in a bid to “minimise shareholder dilution”.

The company’s asset portfolio includes an 8.9 per cent stake in London Stock Exchange-listed SolGold, in which Mr Mather is Chief Executive Officer.

The company also lists a 14 per cent shareholding in IronRidge Resources, where Mr Mather sits as a board member.

GDR Global shares were trading in the grey at 6 cents at 1:35 pm AEST.

DGR by the numbers
More From The Market Herald

" Beacon Minerals (ASX:BCN) declares fully franked dividend

Beacon Minerals (BCN) has declared a fully franked dividend of 0.125 cents per share.

" Alchemy’s (ASX:ALY) subsidiary wins tenement ballots at Lake Rebecca

Alchemy Resources’ (ALY) subsidiary, Goldtribe Corporation, has won ballots for three exploration licence applications within ALY’s Lake Rebecca Project in Western Australia.

" Tigers Realm Coal (ASX:TIG) recounts positive September quarter

Tigers Realm Coal (TIG) has released its quarterly report for the three months ending September 30.

" Chase Mining’s (ASX:CML) Red Fox applies for more tenements in Queensland

Chase Mining’s (CML) 40 per cent-owned company Red Fox Resources has applied for another three exploration permits in northwest Queensland.