Bryah Resources Ltd's (ASX:BYH) placement, which will raise up to $1.55 million, has been strongly supported by new investors and existing shareholders
The company has received binding commitments for the placement of 31 million shares at an issue price of 5 cents per share.
Proceeds will be used for exploration on the companys high-priority gold and copper prospects in the Bryah Basin in Western Australia.
Company "well-funded”[hhmc]
Managing director Neil Marston said: “The successful completion of this placement sees the company well-funded with over $2.3 million in cash available to apply to the companys exploration efforts on some excellent gold and copper targets.[hhmc]
“In addition, as announced earlier this week, we have access to a further $500,000 of funding from OM (Manganese) Limited under Stage 2 of our joint venture to advance our manganese exploration activities.
“We look forward to managing a busy program of gold, copper and manganese exploration in the Bryah Basin over the coming months.”
Hartleys Limited acted as lead manager to the placement.
Large RC and AC drilling to begin[hhmc]
Bryah is now funded to undertake a large program of reverse circulation (RC) and aircore (AC) drilling across multiple gold and gold-copper targets within its highly prospective Bryah Basin Project.
This will comprise:
- Up to 5,500 metres of RC drilling at the Windalah, Wongawar, Jupiter, Mars prospects and the EM conductor target north of Peak Hill4; and
- Up to 2,500 metres of AC drilling at the Windalah East prospect.
RC drilling is scheduled to commence in the coming weeks at the high priority Windalah gold prospect,Read More – Source
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