AUS
NZ
UK
CA
USA
IND
Summary
- Dark Horse secured commitments for a private placement worth $343,000 from qualified institutional and sophisticated investors. Several qualified and sophisticated investors had approached the Company to acquire DHR shares.
- Proceeds from the placement are planned to be used for drilling programs at the Finnish and Argentinian projects, namely Tampere, Cachi and Las Opeñas gold projects.
- DHR Board to discuss company rename to “NewPeak Metals Limited” on Monday, 7 September 2020.
Australian explorer with key gold assets in Tier 1 mining jurisdictions, Dark Horse Resources Limited (ASX:DHR) has secured binding commitments for a successful private placement, targeted to raise $343,000 via the issue of 196 million fully-paid ordinary shares. Under the private placement, the Company will issue each share at an issue price of $0.00175 to qualified institutional and sophisticated investors.
The fully paid ordinary shares to be issued will rank pari-passu with the existing ordinary shares upon issue. The placement shares are anticipated to be issued on or around 12 September 2020 along with the lodging of an Appendix 2A.
The Board seeks approval to replenish Dark Horse’s available placement capacity at the upcoming Extraordinary General Meeting (EGM) scheduled on 7 September 2020. Further, a special resolution will be presented in the same meeting, which on approval by the shareholders will result in the name change of the explorer to NewPeak Metals Limited.
Good Read: Get Familiar With Highly Competent Leadership Team at Dark Horse Resources
Funding to Accelerate Pace of Exploration and Development at Gold Projects
Dark Horse appointed 180 Markets as the lead manager to the placement, which is one of Australia's newest deal sharing platforms.
The gold explorer was approached by several qualified and sophisticated investors to acquire shares, and the proposal was approved by DHR’s board considering the advantage of additional funding enabling drilling activities at its gold projects.
Good Read: Dark Horse Bets on Key Gold Projects in Record High Gold Market
Proceeds from the private placement are planned to be directed towards continuing the exploration and development of its gold project portfolio in Argentina and Finland.
The Company opines that any additional funds provide flexibility as well as optionality to undertake drilling activities at each of the highly prospective targets, supporting Dark Horse’s success strategy.
Drilling Programs at Finnish and Argentinian Gold Projects
Dark Horse is primarily engaged into the exploration of key gold projects in the prolific world-class mining jurisdictions. Its project portfolio includes the Las Opeñas and Cachi gold projects in the well-mineralised metallogenic provinces of Argentina and the newly acquired Tampere gold project in Finland. For each of these projects, the Company plans to provide details of the drilling programs in due course.
Main projects targeted include:
Hopeavuori Prospect at the Tampere Gold Project, Finland – Historical drilling intersected gold grades of 11.5 metres at 19.4 g/t, 10.7m at 14.4 g/t and 3.0m at 106.7 g/t at near surface depths.
Cachi Gold Project, Santa Cruz, Argentina – The gold project holds a caldera hosted epithermal gold vein system covering multiple large prospective targets with rock chip sample grades of 17.8 g/t Gold and 50 g/t Silver. Additionally, a diamond channel sample assayed gold grades of 9 g/t with trench samples of 1.2g/t gold across a width of 11 metres.
Las Opeñas Gold Project, San Juan, Argentina – Surface sampling resulted in gold grades up to 54.2 g/t and 3,112 g/t silver with initial near surface drilling observing intercepts with grades up to 4.8 g/t gold and 528 g/t silver.
Stock Information - DHR stock traded at $0.002 a share on 31 August 2020, with a market capitalisation of $8.07 million.
Must Read: Dark Horse’s Remarkable June Quarter, Gold and Tungsten Projects’ Acquisition in Spotlight
(All currencies in AUD unless or otherwise stated)
