- Gold Mountain (GMN) has raised $2.5 million to advance its flagship Wabag Project in Papua New Guinea
- The company raised the funds through a placement which saw company shares issued at 4 cents each
- GMN is expecting around $1 million of the funds by the end of April and will receive the remaining funds next month
- CEO Tim Cameron is pleased with the support for the placement
- On the market, GMN is trading in the grey and is trading at 4 cents per share
Gold Mountain (GMN) has received commitments to raise $2.5 million to advance its flagship Wabag Project in Papua New Guinea.
The company issued shares under a placement for 4 cents each to investors.
GMN is expecting around $1 million of the funds by the end of April and will receive the remaining funds by next month.
CEO Tim Cameron is pleased with the support for the placement.
“I am thrilled and thankful to the existing shareholders and the new investors whom continue to demonstrate a strong level of support for GMN and I look
forward to our continued exploration program at Wabag,” he told the market.
The Wabag Project is located in the Enga Province and has three priority targets all of which were previously covered by BHP tenement applications.
In March, GMN reported the widest porphyry copper-molybdenum intercept ever recorded at the Monoyal-Mongae prospect. The company intersected a 175-metre-wide zone and plans on continuing to drill at the prospect.
On the market, GMN is trading in the grey and is trading at 4 cents per share at 11:49 am AEST.