Great Southern Mining Limited (ASX:GSN) Raises A$2.5 Million
Placement Overview
Great Southern Mining Limited (ASX:GSN) has successfully undertaken a share placement, raising A$2,500,000 before costs. The Placement received firm commitments primarily from Australian institutional investors and Gold Fields Ltd, who aimed to maintain its holding in GSN.
Use of Proceeds
Funds raised will accelerate various exploration programs within the Duketon Gold Project, focusing on continued drilling campaigns and additional pipeline targets. Additionally, studies are set to commence for a potential small-scale mining operation at the Mon Ami Gold Project.
Drilling Success
The company has achieved notable success in recent drilling programs at the Duketon Gold Project, uncovering several advanced targets with high-grade gold intercepts. The current strategy focuses on delineating these targets to identify economic resources in the short to medium term.
Executive Remarks
Managing Director, Matthew Keane, stated, “The proceeds of this Placement put Great Southern Mining in a strong position to aggressively explore its highly prospective Western Australian project portfolio. We enter 2025 well capitalised with exciting drilling programs planned.”
Placement Details
The placement comprises 138,076,470 new shares at a price of A$0.017 per share. This price reflects a 6% discount to the last closing price of A$0.018 before the trading halt on 26 November 2024. Approval from shareholders will be sought for additional shares to be issued to certain Directors and management, raising an expected total of A$2,500,000.
Ongoing Projects
Ongoing work at the Edinburgh Park Joint Venture in Queensland is being conducted in collaboration with Gold Fields Ltd, following the identification of a large-scale induced polarisation anomaly.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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