First Au Limited (ASX:FAU) announced the receival of commitments to raise up to $747,000 through a share placement from existing and new investors. SPP announced to raise up to $280,000 on same terms as share placement.
The equity raising is a part of the larger $1,027,000 capital raising program which aims to strengthen First Au’s balance sheet and cash reserves.
The proceeds from the capital raisings would be predominantly utilised for-
- Exploration at the flagship Gimlet Gold Project
- Acquisition of 80% stake in Victorian Goldfields Pty Ltd
- Working Capital
Under the equity placement, a total of 74,700,000 fully paid ordinary shares would be issued at the subscription price of $0.01.
First Au traded at $0.12 a share on 11 June 2020 at 11:45 AM AEST, with a market capitalisation of $3.59 million.
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