25/08/2017 - 10:26

Breaker taps investors for $11m

25/08/2017 - 10:26

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Local gold explorer Breaker Resources has announced an $11.5 million capital raising to fund ongoing work at its Lake Roe project near Kalgoorlie.

Breaker taps investors for $11m
Site work at Breaker's Lake Roe gold project near Kalgoorlie.

Local gold explorer Breaker Resources has announced an $11.5 million capital raising to fund ongoing work at its Lake Roe project near Kalgoorlie.

Breaker said it has received commitments for the placement of 14.3 million shares at 70 cents each to raise $10 million, with the price representing a 7.5 per cent discount to the company’s five-day volume-weighted average price.

It also plans to raise a further $1.5 million by way of a share purchase plan, at the same price.

The proceeds from the raising will be used to fund further drilling and pre-development work at the Lake Roe gold project.

Patersons Securities acted as lead manager to the raising.

Shares in Breaker were 4 per cent lower to 71 cents each at 10:30am.

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