THE BOURSE WHISPERER: Draig Resources (ASX: DRG) completed a fully underwritten placement that received strong support from institutional investors to advance the company’s high-grade Bellevue gold project north west of Kalgoorlie in Western Australia.
Draig Resources completed the over-subscribed $8 million placement for 40 million shares at 20 cents per share.
The company noted the Placement received support from new institutional investors from Australia, Asia and North America as well as from existing institutions and sophisticated investors.
The funds raised via the Placement will be used to advance the Bellevue gold project and will be used for ongoing exploration activities including for a resource estimate which is expected to be released in the third qurater of this year.
“We would like to welcome a number of new institutional investors onto our share register and thank our existing shareholders for their ongoing support,” Draig Resources executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.
“Our flagship Bellevue gold project is now well positioned to complete all medium-term exploration activities and for us to release a resource estimate in 3Q 2018.”