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Gateway Mining (ASX:GML) - Managing Director, Peter Langworthy - The Market Herald
Managing Director, Peter Langworthy
Source: Boardroom Media
  • Gateway Mining (GML) has raised $7 million to explore its Gidgee Gold Project in Western Australia
  • The company issued over 437 million shares at a price of 1.6 cents each
  • Drilling has already commenced at the project and is testing high-priority targets and follow-up drill intersections
  • The placement saw further support from its largest shareholder, Kerry Harmanis, who bought $1 million worth of shares
  • The company is also aiming to raise a further $2 million through a share purchase plan
  • On market close, Gateway is down 5.26 per cent and is trading shares for 1.8 cents each

Gateway Mining (GML) has raised $7 million to explore its Gidgee Gold Project in Western Australia.

The company issued over 437 million shares at a price of 1.6 cents each. Gateway was pleased with the amount of support it received from its existing and new investors.

The placement saw further support from its largest shareholder, Kerry Harmanis, who bought $1 million worth of shares. Kerry's new shares are subject to shareholder approval.

The funds will be used for the next phase of an upcoming exploration at Gateway's Gidgee Project.

Drilling has already recommenced at the project and is testing high-priority targets and follow-up drill intersections.

Additionally, Gateway is aiming to raise a further $2 million through a share purchase plan.

Managing Director, Peter Langworthy, said this capital raising was extremely and has put it in an outstanding position to accelerate exploration.

"The placement, together with existing cash reserves and a potential share purchase plan which the company is also currently preparing, will ensure that we can give the Gidgee Project the sort of systematic exploration focus and attention it deserves over the next two years," he said.

"The outstanding response from investors to this raising reflects the outstanding base we have already established at the Whistler and Montague deposits, the exceptional pipeline of targets we have delineated in recent months, and the opportunity to create a significant new gold asset in a Tier-1 location through successful exploration," he added.

Gateway is down 5.26 per cent and shares are trading for 1.8 cents each at market close.


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