Total
0
Shares
Kula Gold (ASX:KGD) finds copper mineralisation at Brunswick
Source: Kula Gold
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Kula Gold (KGD) has received firm commitments to undertake a $930,000 placement
  • Approximately 23.37 million fully paid ordinary shares will be issued to sophisticated and professional investors at 4 cents
  • This price represents a 9.1 per cent discount to Kula Gold's last trading price of 4.4 cents on March 2
  • Kula Gold will use the funds to carry-out exploration activities at its Brunswick and Marvel Loch projects, both of which lie in Western Australia
  • Company shares are down 4.55 per cent and are trading at 4.2 cents

Kula Gold (KGD) has received firm commitments to undertake a $930,000 placement.

The company entered a trading halt on March 3 but did not disclose how much it would be raising or what it would be using the funds for.

Approximately 23.37 million fully-paid ordinary shares will be issued to sophisticated and professional investors at 4 cents.

This price represents a 9.1 per cent discount to Kula Gold's last trading price of 4.4 cents on March 2.

Lazarus Corporate Finance acted as lead manager and will be paid a management and capital raising fee of 6 per cent of the proceeds raised.

Shares are expected to settle on or around March 11 and be allocated on or around March 12.

Kula Gold will use the funds to carry out exploration activities at its Brunswick and Marvel Loch projects, both of which lie in Western Australia.

In mid-February, Kula Gold found copper mineralisation at Brunswick which was identified via a recently completed field program.

Six rock chips samples have been sent to Bureau Veritas for gold, platinum group element and multi-element assay.

Depending on results, Kula Gold will conduct an extensive soil sampling program over areas of interest.

"Kula is pleased to announce the placement which will enable the company to undertake exploration, including drilling at both its Brunswick and Marvel Loch projects," Chairman Mark Stowell commented.

"We are excited by the recent field program at Brunswick which has successfully identified primary copper mineralisation in silicified amphibolite," he said.

"An extensive soil sampling program over these new areas of interest is planned for the coming weeks, followed by a drilling program to commence in April or May to test the extent of the mineralisation," he added.

Shares in Kula Gold are down 4.55 per cent and are trading at 4.2 cents at 1:55 pm AEDT.

KGD by the numbers
More From The Market Herald
Sabre Resources (ASX:SBR) to raise more than $982k to fast-track exploration

" Nagambie Resources’ (ASX:NAG) convertible notes issue yields more

Nagambie Resources (NAG) has raised an additional $900,000 through the issue of Series 9 unsecured convertible notes.
Yandal Resources (ASX:YRL) - Managing Director, Lorry Hughes (centre) - The Market Herald

" Yandal Resources (ASX:YRL) receives new AC results from Gordons Dam

Yandal Resources (YRL) has received new aircore (AC) results from multiple prospects within the Gordons gold project.
Riversgold (ASX:RGL) farewells Alaskan assets for A$2M

" Riversgold (ASX:RGL) farewells Alaskan assets for A$2M

Riversgold (RGL) has sold its Alaskan assets for US$1.5 million (nearly A$2 million) to Mamba Minerals.
North Stawell Minerals (ASX:NSM) - CEO, Steven Tambanis - The Market Herald

" North Stawell Minerals (ASX:NSM) intersects 46.9g/t gold from Wildwood

Victorian gold explorer North Stawell Minerals (NSM) has intersected up to 46.9g/t gold from the Wildwood Prospect in Victoria.