Renaissance Minerals has launched a $10 million capital raising to fund exploration at its flagship Cambodian gold project.
The Perth-based gold explorer announced today it had received firm commitments from institutional investors for a $10 million placement, priced at 18 cents each.
The placement will be completed in two tranches, Renaissance said.
The funds will be used to advance exploration at the Okvau gold deposit at the Cambodian project, which contains a JORC-compliant resource of 729,000 ounces of gold.
“This $10 million raising places the company in the strongest financial position it has been in and allows for the acceleration of an aggressive exploration program at the company’s Cambodian gold project in the forthcoming dry season,” managing director Justin Tremain said.
OZ Minerals, Reanaissance’s largest shareholder, will take up $1.5 million worth of shares in the placement.
Argonaut Securities and Canaccord Genuity Australia acted as joint lead managers for the placement.
At 10:50AM, WST, Renaissance shares were steady at 20 cents.