Far East Gold Limited (ASX:FEG) Completes Tranche 3 Funding
Funding Completion
Far East Gold Limited (ASX:FEG) has received A$4,783,449.60 from its strategic investor Xingye Gold Hong Kong Mining Company Limited as part of Tranche 3 funding. This brings the total investment from Xingye to $14,673,757.60, establishing Xingye’s stake in FEG at 19.99%.
Strategic Investment
The Tranche 3 investment was priced at A$0.20 per share, representing a 47% premium to the July and August 2024 placements. The completed three-tranche share placement agreement strengthens FEG’s financial position, enabling the execution of its 2025 exploration plans focused on four potential Tier 1 assets.
Executive Comments
FEG Chief Executive Officer Mr Shane Menere commented, “This transaction represents a significant milestone and turning point in the FEG story. It’s the logical next step and catalyst to unlocking asset value. The recent Idenburg acquisition triggered several approaches from strategic investors and we found alignment with Xingye as the stand-out partner to develop the assets together. We are delighted to welcome Xingye as our strategic partner and excited about what 2025 will bring.”
Xingye Chief Executive Officer Mr Shucheng Zhang stated, “We are pleased to make this significant investment. Far East Gold’s portfolio represents a perfect fit for Xingye’s competencies around bringing highest-quality greenfield projects all the way through to production. We are looking forward to working closely with the Far East Gold team to achieve this.”
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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