- West Australian explorer Yandal Resources (YRL) has completed a $6 million capital raise to accelerate further exploration and drilling work
- The company issued 12 million shares at a price of 50 cents each
- The placement price represents a 7.1 per cent premium to the 5 day VWAP of Yandal Resources’ shares and a 7.4 per cent discount to the last closing price
- DGO Gold (DGO) took home 8 million of those shares, while the remaining 4 million was take-up by Regal Funds Management
- Funds from the raise will be used for the company's upcoming drilling programs at Flushing Meadows prospect and Gordons Dam
- On the market this afternoon, Yandal is up 10.2 per cent and trading for 59.5 cents
West Australian explorer Yandal Resources (YRL) has completed a $6 million capital raise to accelerate further exploration.
The company issued 12 million shares at 50 cents per share and 8 million shares went to DGO Gold (DGO). The remaining 4 million shares were bought by Regal Funds Management.
Yandal has a number of gold exploration projects in the highly prospective Yandal and Norseman-Wiluna Greenstone Belts of Western Australia.
Funds from the raise will be used on the company's exploration programs. This includes drilling at the Flushing Meadows prospect and Gordons Dam. Further exploration is planned at the Ironstone Well, Barwidgee and Mt McClure projects.
"We are very pleased to have new strategic shareholders on the register. This is a great endorsement of the quality and potential of our asset portfolio," Managing Director Lorry Hughes said.
"In particular, we welcome DGO which is backed by significant gold investors and led by Mr Eduard Eshuys who has a proven track record of gold discovery in the Yandal and Norseman-Wiluna Greenstone Belts. We look forward to their technical and strategic contribution to our drilling programs," he added.
Earlier this month, Yandal intersected its highest grades to date at the Gordons gold project in Western Australia, with results peaking at 73.12 g/t of gold.
On the market this afternoon, Yandal is up 10.2 per cent and trading for 59.5 cents at 1:59 pm AEDT.