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Dreadnought Resources (ASX:DRE) raises over $1.5M via placement
  • Dreadnought Resources (DRE) has raised over $1.5 million via a placement
  • The company's board and management have also exercised $142,500 in options, bringing their total investment to around $1 million
  • The capital from today's placement will be used to fund reverse circulation and diamond drilling at its Illaara and Tarraji-Yampi projects
  • In particular, the money will be used to test multiple high-grade gold and base metal targets, with drilling to begin this month
  • Shares in Dreadnought are trading up 22.2 per cent, at 1.1 cents per share

Gold exploration company Dreadnought Resources (DRE) has raised over $1.5 million via a placement.

The company said the placement, which they announced on August 3, was "heavily oversubscribed" with more than 170 million shares issued, at a price of 0.9 cents each.

In total, Dreadnought walked away with $1.54 million, before costs, with the capital to be spent on a drilling campaign at its Illaara and Tarraji-Yampi projects in WA's Kimberley region.

The campaign will begin this month, and use reverse circulation and diamond drilling to test multiple high-grade gold and base metal targets at the two sites.

Along with the placement, Dreadnought's board and management have recently exercised $142,500 in options, bringing their total investment to around $1 million.

The company said both Managing Director, Dean Tuck, and Non-Executive Chairman, Paul Tuck, exercised a total of 18,500,000 options in recent weeks.

While the Director said today, he was pleased with Dreadnought's recent activities.

"Our placement was strongly supported and heavily oversubscribed. It will be an exciting period ahead for Dreadnought as we advance our planned programs," Dreadnought Managing Director Dean Tuck said.

Shares in Dreadnought closed up 22.2 per cents at the close of market today, August 5, trading for 1.1 cents per share.


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