02/02/2017 - 15:19

Primary raises funds for gold projects

02/02/2017 - 15:19

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Perth-based Primary Gold has tapped investors for $8.5 million to fund ongoing work at its Coolgardie and Mount Bundy projects in the Goldfields.

Primary raises funds for gold projects
Primary Gold's Mount Bundy project in the Goldfields.

Perth-based Primary Gold has tapped investors for $8.5 million to fund ongoing work at its Coolgardie and Mount Bundy projects in the Goldfields.

Primary raised the funds through the placement of 121.4 million shares at 7 cents each to domestic and international institutional and sophisticated investors.

“Funds raised from the placement will be used to progress the company’s Coolgardie and Mount Bundy gold projects and for general working capital,” the company said in a statement.

Patersons Securities acted as lead manager to the raising.

It follows news late last month that the gold company had promoted Garry Mills as managing director, about a year after his predecessor resigned.

Primary closed unchanged at 7.7 cents each.

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