Total
0
Shares
Resources & Energy (ASX:REZ) - Chairman, Gavin Rezos - The Market Herald
Chairman, Gavin Rezos
Source: Business News
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Gold explorer, Resources & Energy Group (REZ) has raised $3.3 million for work at its East Menzies Gold Field tenements in WA
  • 44 million shares will be issued at 7.5 cents with one attaching option for every four shares held, exercisable at 20 cents
  • Funds will be used for the exploration program at the tenements, with a focus on a high-grade discovery at Gigante Grande
  • Settlement and allotment of the options will be on November 2
  • Shares in Resources & Energy closed 19.3 per cent higher on the market, at 10.5 cents

Resources & Energy Group (REZ) has raised $3.3 million for exploration at its East Menzies Gold Field tenements in Western Australia.

Under the placement, 44 million shares will be issued at 7.5 cents, representing an 80.2 per cent discount to the 15-day volume-weighted average price.

Participants will also receive one attaching option for every four shares held, exercisable at 20 cents each.

The extra cash will be used for exploration works, with a focus on the recent high grade discovery at Gigante Grande. Funds will also be used to continue the development of the Mount Mackenzie gold asset.

Managing Director Richard Poole said the supported placement was off the back of recent results from the project.

"The strong support for the placement reflects the enormous excitement that the recent Gigante Grande results have generated and the growing interest and certainty that there are significant gold resources in the East Menzies Gold Field tenements," he said.

The company is exploring the east of the tenement, whilst on the western side, scoping and pit optimisation studies have begun.

Settlement and allotment of the shares is due on November 2.

Shares in Resources & Energy closed 19.3 per cent higher on the market, at 10.5 cents.

REZ by the numbers
More From The Market Herald
Frontier Resources (ASX:FNT) completes site investigation at Tolukuma

" Frontier Resources (ASX:FNT) completes site investigation at Tolukuma

Frontier Resources (FNT) has completed a geotechnical site investigation of the proposed drilling pads at Saki Gold Prospect.
Empire Energy (ASX:EEG) - CEO and Managing Director, Alex Underwood - The Market Herald

" Empire Energy (ASX:EEG) raises $30M to acquire Pangaea NT tenement

Empire Energy (EEG) has successfully raised $30 million via a two-tranche placement.
The Market Herald Video

" Prospect Resources (ASX:PSC) set to raise $6.5M for Arcadia

Prospect Resources (PSC) has received subscriptions to undertake a $6.5 million placement.
Corazon Mining (ASX:CZN) - Managing Director, Brett Smith - The Market Herald

" Corazon Mining (ASX:CZN) spies new conductors at Lynn Lake

Corazon Mining (CZN) has identified several conductors at the Lake Lynn Nickel-Copper-Cobalt Sulphate Project in Canada’s Manitoba Province.