24/01/2022 - 13:07

Carnaby raises $20m

24/01/2022 - 13:07

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Subiaco-based gold and copper explorer Carnaby Resources is planning to spend $20 million in new capital on a substantial drilling program at Greater Duchess projects over east.

Carnaby raises $20m

Subiaco-based gold and copper explorer Carnaby Resources is planning to spend $20 million in new capital on a substantial drilling program at Greater Duchess projects over east.

The Euroz Hartleys, Macquarie Capital lead equity raise offered institutional investors CNB shares at $1.30 each, an 18 per cent discount on the January 20 share price.

About $15 million from the raise will fund infill and extensional drilling at CNB’s Greater Duchess gold and copper projects in Mt Isa inlier, Queensland, with a 20,000-metre drilling effort now underway.

A combined $2 million will be allocated Pilbara projects, including the Strelley gold project and early exploration works at Big Hill lithium.

Approximately 15.4 million new Carnaby shares will be commence trading at the end of this month once the raise is settled.

Carnaby managing director Rob Watkins said demand for the placement had been “overwhelming”.

“The proceeds from this placement puts us in a very strong position, with A$25.8 million of pro-forma cash, to accelerate the drilling and exploration across the Greater Duchess Copper Gold Project and continue exploration at our West Australian based projects,” Mr Watkins said in a statement.

Carnaby shares are down 7.57 per cent to trade at $1.46.

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