Siren to raise $2.2m, announces key appointment

ASX-listed Siren Gold will raise $2.2 million in a bid to further fund exploration activities at several of its projects in New Zealand.

Additionally, the West Perth-based company has appointed Victor Rajasooriar as its new managing director and chief executive officer.

Mr Rajasooriar, who joined the Siren board as a non-executive director last September, will begin his tenure on April 2.

With this appointment, present executive chairman Brian Rodan will transition into a non-executive chairman role by the end of April. 

"I am very confident that Siren holds the requisite expertise to continue advancing the company’s projects to eventual gold and antimony production on the South Island of New Zealand, a tier-one country with a leading mining industry."

In terms of its capital raise, Siren said it would issue approximately 40.2 million fully paid ordinary shares in an initial tranche, to a combination of professional, sophisticated and professional investors, at an issue price of 5 cents per share. 

Additionally, subject to shareholder approval, the company will also issue around 3.8 million shares in a secondary tranche to company directors and professional investors. 

Siren told the market that each placement participant would receive one attaching unquoted option for every placement share issued, with the options exercisable at 10 cents per share, expiring after three years from the issue date. 

Morgans Corporate and Evolution Capital were appointed joint lead managers for the capital raising.

In its December 2023 quarterly report, Siren said it welcomed the recent change of government policy in NZ, following Christopher Luxon - of the New Zealand National Party - being sworn in as the country's new prime minister late last year, due to the commitment of supporting both the resource and regional development sectors. 

Siren last traded at 5.5 cents per share, as of 10.48am AWST.