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  • Viking Mines (VKA) said it has received firm commitments to raise $4 million for its ongoing drilling campaign at First Hit project in Western Australia
  • The explorer is offering up 111,111,111 fully paid ordinary shares to sophisticated and professional investors at 3.6 cents per share for phase one and two drilling programmes and the prospect
  • Viking has laid plans for an “aggressive” exploration strategy at the prospect, where it hopes to discover new gold resources
  • Viking Mines Chief Executive Officer Julian Woodcock said the appetite from investors to take part in the placement had been encouraging
  • Viking Mines shares are off 2.50 per cent on the back of the news and trading at 3.9 cents

Viking Mines (VKA) said it has received firm commitments to raise $4 million for its ongoing drilling campaign at First Hit project in Western Australia.

The minerals explorer is set to offer up 111,111,111 fully paid ordinary shares to sophisticated and professional investors at $0.036 per share in an “oversubscribed” placement.

Viking is looking to spend the funds on its First Hit project, which is located 150 kilometres northwest of Kagoorlie. The company has laid plans for an “aggressive” exploration strategy at the prospect, where it hopes to discover new gold resources.

Specifically, the $4 million is set to go towards extending a phase one and commencing a phase two drilling programme as well as general working capital purposes.

Viking anticipates the placement’s shares to be issued around Wednesday, April 21.

Viking Mines Chief Executive Officer Julian Woodcock said the appetite from investors to take part in the placement had been encouraging.

“Viking have made significant progress since the acquisition of the project at the end of January with the phase one drilling programme well advanced,” he commented.

“The proceeds from the raise will allow us to immediately commence with priority holes in the Phase 2 drilling programme to test for extensions of the First Hit system using the knowledge we have recently acquired,” he concluded.

Viking Mines shares are off 2.50 per cent on the back of the news and trading at 3.9 cents at 12:06 pm AEST.

VKA by the numbers
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