Middle Island Resources has announced a $10 million share placement to accelerate exploration at its gold projects in Liberia and Burkina Faso.
The Perth-based gold explorer announced today that the placement, which will be priced at 40 cents per share and managed by Bell Potter, would be completed in two tranches, taking the company’s cash position to more than $16 million.
The initial tranche will raise approximately $5.9 million, with institutional investor Acorn Capital committed to join Middle Island’s share register.
“Our new shareholders were invited to participate on the basis of their strong track record as discerning long-term investor, considerably strengthening what is already an extremely solid register,” managing director Rick Yeates said.
“I thank them sincerely for their participation and support and look forward to working closely with them as we progress our aggressive gold exploration and development strategy in West Africa.”
