Brisbane-based gold hopeful Explaurum has raised $8.3 million to progress its Tampia gold project in Western Australia's Wheatbelt.
In a raising led by Perth-based Hartleys and Melbourne firm CCZ Statton Equities, Explaurum issued 79 million shares at a price of 10.5 cents each to sophisticated and institutional investors.
The cash will be used for drilling and finalising a project feasibility study for Tampia by the end of the March quarter.
Other priorities for the money will be progressing development of a finance package, licensing and approvals, and working capital.
In July last year, Explaurum raised $4.5 million for development of the project, while it raised a further $5.5 million in September.
Hartleys managed those two raisings.
Explaurum managing director John Lawton said the placement had been oversubscribed and progress on the project was rapid.
“The placement was very well supported by our existing shareholders and new institutional and sophisticated investors from Australia and offshore,” he said.
“Our shareholder register is evolving to include some larger institutional investors, which is very encouraging.
“The Tampia gold project is shaping up to be one of the highest-margin undeveloped gold projects in Australia, and the team at Explaurum continue to be highly encouraged by the ongoing exploration potential, which is demonstrating significant potential for resource growth across a large and highly prospective project area.
“The remainder of the 2018 calendar year will be a period full of activity for Explaurum“.
Shares in Explaurum were 4 per cent higher at 12.5 cents each at the time of writing.
