27/10/2015 - 15:15

Gold explorers raise $6.7m

27/10/2015 - 15:15

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Local explorers Burey Gold and Excelsior Gold a raising a combined $6.7 million to fund ongoing work at their respective gold projects.

Gold explorers raise $6.7m
Drilling work at Excelsior Gold's Kalgoorlie North gold project.

Local explorers Burey Gold and Excelsior Gold a raising a combined $6.7 million to fund ongoing work at their respective gold projects.

Excelsior has placed 75.8 million to sophisticated and institutional investors at an issue price of 6 cents each to raise $4.55 million.

The price was a 12 per cent discount to Excelsior’s 30-day volume-weighted average price.

The placement combined with the drawdown of a funding package provided by Macquarie Bank will fully fund Excelsior into production at its Kalgoorlie North project.

The placement was managed by Patersons Securities.

Meanwhile, Burey announced today that it had completed a private placement to sophisticated and professional investors to raise up to $2.15 million for ongoing work at its Giro gold project in the Democratic Republic of Congo.

Chairman Klaus Eckhof said response to the placement had been excellent and the company was pleased to be able to move quickly on further exploration and sampling work at Giro.

Hartleys acted as lead manager for the placement.

Burey closed unchanged at 2 cents each, while Excelsior closed 11.2 per cent higher at 8.9 cents.

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