29/09/2016 - 13:58

Breaker taps investors for $12m

29/09/2016 - 13:58

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Perth-based gold explorer Breaker Resources has confirmed a $12.4 million capital raising to fund ongoing work at its Lake Roe project near Kalgoorlie.

Breaker taps investors for $12m
Ongoing exploration work at Breaker's Lake Roe gold project near Kalgoorlie.

Perth-based gold explorer Breaker Resources has confirmed a $12.4 million capital raising to fund ongoing work at its Lake Roe project near Kalgoorlie.

Breaker raised the funds through the placement of shares at 50 cents each, representing a 10 per cent discount to the company’s five-day volume-weighted average price.

Funds raised from the placement will be put towards definition drilling and exploration work at the company’s Lake Roe gold project, where two separate discoveries have identified wide, high-grade, near-surface gold mineralisation over 1.6 kilometres of a potential 4.4km strike length.

“I believe that the strong demand for the raising reflects mounting evidence that Lake Roe hosts a major new gold system with significant open pit and underground mining potential,” Breaker executive chairman Thomas Sanders said.

“Given the strong results to date, we plan to be drilling for the foreseeable future and this will provide steady news flow as we unlock the potential of the project.”

Patersons Securities acted as lead manager to the placement.

Breaker shares were 13.8 per cent higher to 74 cents each ahead of the close of trade.

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