- Vango Mining will raise roughly $5.4 million to advance its Marymia Gold Project in the mid-west region of WA
- These funds will position Vango to develop Marymia into a stand-alone, gold mining and processing operation
- Company shares are slightly down 2.94 per cent, with shares trading for 16.5 cents each
Vango Mining will raise approximately A$3.6 million through an equity securities placement to advance its Marymia Gold Project.
The company has received firm commitments for the placement to sophisticated and professional investors for approximately 24 million fully paid ordinary shares at $0.15 cents per new share.
In addition, Vango will convert $1.8 million of debt to equity on the same terms by issuing 12 million new shares at $0.15 cents per share.
“We have been hugely encouraged by the support from new investors and success in raising the A$5.4 million. We will continue to offer new investors the opportunity to invest in the Marymia Gold Project,” Executive Chairman Bruce McInnes said.
The Marymia Gold Project is located in the mid-west region of Western Australia and wholly-owned by Vango Mining.
The company is planning to develop Marymia into a significant, stand-alone, gold mining and processing operation.
“As I reported on 10 October 2019 in my Update to Shareholders, the results of our 2019 exploration season have shown us that our Marymia Gold Project hosts a substantial amount of very high‐grade gold mineralisation,” Bruce added.
Additional terms of the placement include the offering of new unlisted option on the basis of one free attaching unlisted option for each new share, exercisable at $0.27 cents for each new share.
Vango is now well positioned to further advance Marymia Gold.
Company shares are slightly down 2.94 per cent, with shares trading for 16.5 cents each at 1:47 pm AEDT.