The Alice River Gold Project, North Queensland. Source: Pacgold
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  • Gold explorer Pacgold (PGO) launches a five-for-48 underwritten non-renounceable pro-rata entitlement offer to raise $3.2 million
  • The entitlement offer is underwritten by Taylor Collison and Euroz Hartleys, and is open to eligible Australian and New Zealand shareholders
  • It follows the company’s share placement completed last week which raised $7.8 million
  • The fresh capital is set towards accelerating drilling and exploration at its Alice River Gold Project in north Queensland
  • PGO shares are trading up 2.6 per cent at 79 cents.

Gold explorer Pacgold (PGO) has launched a five-for-48 underwritten pro-rata non-renounceable entitlement offer to raise $3.2 million.

Under the offer, approximately 5.1 million new shares will be offered to Australian and New Zealand-based Pacgold shareholders who are registered by 7.00 pm AEST on April 26.

Shares will be issued at 63 cents each, marking an 18.2 per cent discount to the company’s last closing price.

It follows Pacgold’s $7.8 million share placement announced last week which saw 12.3 million shares issued to new and existing sophisticated and institutional investors.

The combined funds will be used to speed up exploration and drilling at the company’s Alice River Gold Project in north Queensland.

Taylor Collison and Euroz Hartleys have underwritten the offer and as such will receive a fee equal to six per cent of the underwritten amount.

Subject to shareholder approval, the joint underwriters will also receive one million options.

PGO shares were up 2.6 per cent at market close, trading at 79 cents.

PGO by the numbers
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