22/05/2017 - 14:59

Encounter raises funds for gold exploration

22/05/2017 - 14:59

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West Perth-based Encounter Resources has tapped investors for $3.4 million to fund ongoing exploration at its gold projects in the eastern Pilbara region.

Encounter raises funds for gold exploration
Samples collected from Encounters Telfer West gold project in the Pilbara.

West Perth-based Encounter Resources has tapped investors for $3.4 million to fund ongoing exploration at its gold projects in the eastern Pilbara region.

Encounter has raised $2.9 million through the placement of 29 million shares at 10 cents each, and has launched a share purchase plan at the same price to raise a further $500,000.

“Proceeds from the placement will be primarily used to advance exploration at Encounter’s Telfer West and East Thomson’s Dome gold projects and for general working capital purposes,” Encounter said in a statement.

“The company is delighted to welcome Acorn Capital, a leading global resources fund, as a significant new shareholder, providing further endorsement of the company’s project portfolio and exploration approach.”

Encounter shares were unchanged at 10 cents each at the close.

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