06/07/2016 - 10:15

Burey raises $11m for Giro

06/07/2016 - 10:15

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Perth-based explorer Burey Gold has tapped investors for an $11.6 million placement to fund ongoing development of its Giro project in Africa.

Burey raises $11m for Giro
Burey is exploring for gold at its Giro project in Africa.

Perth-based explorer Burey Gold has tapped investors for an $11.6 million placement to fund ongoing development of its Giro project in Africa.

Burey raised the funds through the placement of 215 million shares at 5.4 cents each, representing an 8.5 per cent discount to the company’s five-day volume weighted average price.

The raising was backed by joint lead managers Hartleys and RFC Ambrian, as well as domestic and international investors.

“Institutional investment in Burey highlights the investor attention now being shown to the Giro gold project which spans a 30 kilometre structural corridor in the Kilo-Moto belt,” Burey chairman Klaus Eckhof said.

“With these placement funds Burey can truly commence uncovering the potential that we have been glimpsing so far at Giro and allows for long-term planning.”

Late last month, Burey shares surged on promising drilling results at Giro, particularly at the Douze Match target.

Drilling is continuing at Douze Match, with fresh results set to be released in the coming two weeks.

Burey shares were 9.3 per cent higher to 7 cents each at 10:15am.

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