THE BOURSE WHISPERER: Breaker Resources (ASX: BRB) has undertaken a $6.3 million placement involving approximately 21 million shares at an offer price of 30 cents per share.
Breaker Resources said the placement had received strong support from institutional and sophisticated investors based in Australia and Europe with Bell Potter Securities acting as lead manager.
The company indicated the funds raised via the placement will be used for advancing the company’s Lake Roe gold project near Kalgoorlie in Western Australia.
The funds have been earmarked for further drilling as part of Breaker’s strategy to extend the existing 1.1-million-ounce Bombora Resource within the Lake Roe project and advancing the open pit pre-feasibility study (PFS) on Bombora.
Extra drilling will be aimed at further discoveries at Lake Roe.
“A resource update is planned for July 2019 and the completion of a PFS is anticipated two to three months later,” Breaker Resources said in its ASX announcement.