11/08/2021 - 12:00

Great Southern Mining secures $2.5m for WA, Qld projects

11/08/2021 - 12:00

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Balcatta-based Great Southern Mining is raising $2.5 million from a share placement to progress its projects in Western Australia and Queensland.

Great Southern Mining has raised funds for its Duketon project in WA. Photo: GSM

Balcatta-based Great Southern Mining is raising $2.5 million from a share placement to progress its projects in Western Australia and Queensland.

Today, GSM announced that funds raised will go towards company’s new and existing drilling projects, including the Duketon gold project in WA.

Shaw and Partners is the leading manager for the placement and will receive 6 per cent of the gross funds raised. 

GSM will issue 50 million fully paid ordinary shares priced at 5 cents each.

Chief executive Sean Gregory said the funds raised would also go towards the company’s at Edinburgh Park project in North Queensland.

“The company has a fantastic portfolio of assets in both WA and Queensland and this funding will provide an opportunity to rapidly advance each project along the exploration pipeline, creating strong news flow and discovery potential,” he said.

GSM’s share price was down by 5.08 per cent to trade at 5.6 cents as at 12.35pm AEST.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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