08/03/2018 - 13:42

Egan Street secures $11.9m of options

08/03/2018 - 13:42

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Gold hopeful Egan Street Resources has secured $11.9 million of funding via the exercise and underwriting of the company’s listed options, with the proceeds to be used at its Rothsay project.

Egan Street secures $11.9m of options

Gold hopeful Egan Street Resources has secured $11.9 million of funding via the exercise and underwriting of the company’s listed options, with the proceeds to be used at its Rothsay project.

Egan Street has entered into an agreement to underwrite the company’s listed options up to a value of $6.89 million.

This follows the $2.7 million in funds already received from the conversion of 10.8 million options as of March 5, plus firm commitments to convert a further 9.1 million options for $2.3 million.

The listed options were issued on a 3-for-2 basis as part of the company’s $6 million initial public offering in September 2016.

Patersons Securities and Taylor Collison acted as joint lead managers and joint underwriters

Managing director Marc Ducler said the funding would enable the company to maintain exploration at its Rothsay project.

“This is a fantastic result for Egan Street which ensures that we are now fully-funded through to a decision to mine at Rothsay, putting us firmly on track to join the ranks of Australian gold producers next year,” he said

“The strong response from investors is testament to the excellent fundamentals of the Rothsay Gold Project – which is emerging as a significant high-grade Australian gold project slated for development over the coming 12 months.”

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