Event non-ATF Mobile


  • Dark Horse to accept all SPP applications, raising a total of $1,532,000
  • Capital raising to fund the acquisition of Finland gold and Sweden tungsten permits coupled with exploration programs
  • DHR to continue exploring JV opportunities for Argentinian gold assets, and alternate funding routes for drilling programs are also under consideration
  • Extraordinary General Meeting for name change to NewPeak Metals Limited planned in short term

Australian exploration company, Dark Horse Resources (ASX:DHR) has announced the outcomes of its recently closed Share Purchase Plan (SPP). Moreover, the Company has updated that Permit Purchase Agreement (PPA) with the vendor, Sotkamo Silver AB to acquire Tampere Gold Project in Finland and Bergslagen Tungsten Project in Sweden has now entered advanced stages and is anticipated to close during the 45-day exclusivity period.

Oversubscribed SPP: DHR to Accept Applications Worth $1,532,000

Following an overwhelming response from shareholders to the SPP, the Board has decided to accept all applications worth $1,532,000 including $1,277,000 in cash and $255,000 in debt converted. The debt relates to the conversions by directors and senior executives of accrued remuneration, expenses, and services. Through cash and debt conversion, the SPP was earlier planned to raise between $750,000 and $1 million.

The SPP booklet shared with shareholders on 25 June 2020 had mentioned that additional applications in case of an oversubscription of SPP may be accepted on demand to enhance the capital raising amount at the discretion of the directors.

The shares under SPP are expected to be allotted on Tuesday, 21 July 2020 by the Company Share Registry.

Funds from the capital raising program would be utilised for-

  • Cash payment of €150,000 for the acquisition of Sotkamo Finland Gold and Sweden Tungsten Exploration Permits
  • Initial drilling program at the Tampere Gold Project
  • Advancing efforts towards sourcing a joint venture partner for the Cachi and Las Openas gold projects in Argentina or securing alternate funding for drilling at both the project sites
  • General working capital

Proceeds raised through the SPP and the recent placement allow Dark Horse to position itself for an aggressive exploration program at the Finland Gold Project, upon completion of the acquisition.

Acquisition of Gold and Tungsten Projects in Final Stage of Completion

In June 2020, Dark Horse entered into a term sheet agreement with Sotkamo Silver AB to acquire 100% stake in 7 exploration tenements each at Tampere Gold Project in Finland and at Bergslagen Tungsten Project in Sweden for a cash consideration of €150,000 and transaction documentation expenses.

Further updating on the progress, the Company stated that the Permit Purchase Agreement (PPA) has entered the final stages and is approaching completion within the 45-day exclusivity period. Upon completion of the acquisition, the transfer of exploration permits process would commence. Dark Horse has already established 2 Finnish subsidiaries, one each for the gold and tungsten project.

The entire process is anticipated to be completed within 1 to 2 months timeframe. The technical team has already begun the compilation and assessment of historic geological data to plan and schedule an accelerated exploration program at the Tampere Gold Project in Finland, including drilling at the advanced Hopeavuori prospects.

Activities post the scheduling of drilling program will include-

  • Planning of logistics and permissions for implementation
  • Discussions and execution of a drilling contract (discussions already underway)
  • Comprehensive review of the Tungsten resources at the Bergslagen Tungsten Project
  • Commencement and implementation of the field programs in the last quarter of 2020

To know more about the new assets, please read: Dark Horse Advances on Acquisition of Gold and Tungsten Projects in Tier 1 Mining Jurisdictions

Board and Management Focusing on Growth through Collective Efforts

During the past 6 months, almost USD120,000 was provided by Managing Director David Mason for the Company’s activities. Mr Mason has agreed not to draw back the funds at current times, and the funds would be reflected as a loan to be repaid upon mutual agreement basis, bearing an interest of 9% per annum. The decision ensures that the capital raised is utilised towards exploration and growth activities and not to fulfill any previous obligations.

Further, few board members and senior management will consider maintaining their position of accruing a portion of their remuneration and converting it to DHR’s stock in the future, in order to preserve cash for operating activities.

An Extraordinary General Meeting is being scheduled to discuss further corporate affairs including the name change to “NewPeak Metals Limited”.

Do Read: Dark Horse Exploring for Large Gold Deposits in Key Mining Jurisdictions, Expanding Horizons in 2020

DHR stock was trading at $0.002 a share on 21 July 2020 (AEST 12:22 PM).

(Note: All financial information pertains to Australian currency unless otherwise stated)



The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The article has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. All pictures are copyright to their respective owner(s). Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK