Liontown Resources has announced a $3.4 million capital raising to fund fast-tracked exploration drilling at its Jubilee Reef gold project in Tanzania.
The Perth-based explorer said the raising would be undertaken through a 1 for 3 non-renounceable rights offer, priced at 3.5 cents per share.
The offer is underwritten by Bell Potter Securities.
“The funds will be used to underpin a major new drilling program comprising over 14,000 of reverse circulation and aircore drilling which is set to commence at the Jubilee Reef project next week, to follow up recent broad intersections of gold mineralisation,” Liontown said in a statement.
Liontown stocks finished trade today steady at 3.2 cents.