Adelong Gold Limited (ASX:ADG) Announces Additional Binding Commitments
Adelong Gold Limited (ASX:ADG) has announced the receipt of additional binding commitments totaling $400,000 following a successful capital raising of $1.173 million. This brings the company’s total capital raised to $1.573 million, bolstering its capacity to fund strategic initiatives.
Placement Details
The additional $400,000 will be raised through the issuance of 95,238,095 ordinary shares at $0.0042 per share to sophisticated and professional investors. Investors will also receive 1:2 free-attaching options (ASX:ADGOA) with an exercise price of $0.008, expiring on 1 May 2029. This placement is subject to shareholder approval, with a general meeting expected in late March 2025.
Use of Funds
The raised funds will be utilised to expand exploration drilling at the Adelong Gold Project, advance project development under the farm-in agreement with Great Divide Mining (ASX:GDM), progress lithium exploration in Brazil’s Lithium Valley, evaluate new project opportunities, and support general working capital requirements.
Executive Comments
Adelong Gold’s Managing Director, Ian Holland, stated, “We are pleased to see strong investor demand and additional support from both existing shareholders and new investors. The additional funds raised under the Placement will further strengthen our financial position, allowing us to accelerate our exploration drilling and project development activities at the Adelong Gold Project, as well as advancing our Brazilian lithium portfolio. This demonstrates continued confidence in our strategy to transition Adelong into production, and we look forward to providing ongoing updates to our shareholders.”
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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