Far East Gold Secures AU$4 Million to Accelerate Exploration in Indonesia

August 29, 2024 07:36 PM AEST | By Team Kalkine Media

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Far East Gold Secures AU$4 Million to Accelerate Exploration in Indonesia — Image source: © Aprescindere | Megapixl.com

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Far East Gold Ltd (ASX:FEG, OTC:FEGDF) has successfully raised AU$4 million to propel its exploration efforts across its key gold and copper projects in Indonesia. The capital was secured through a strategic combination of an institutional placement and a share purchase plan (SPP).

Breakdown of the Capital Raise

The institutional placement garnered AU$2.3 million, while the SPP, which concluded on August 20, 2024, raised AU$1.75 million. The SPP saw strong support from shareholders, leading to the issuance of 12,874,508 shares at a price of AU$0.136 per share.

Strategic Allocation of Funds

CEO Shane Menere discussed the importance of this funding in advancing exploration at Far East Gold’s Trenggalek, Idenburg, and Woyla projects. The company views the next six months as crucial for the development and growth of these potential tier-1 assets.

Share Allotment and Management

The new shares from the SPP are expected to be allotted on 27 August 2024, and will rank equally with existing shares. Reach Markets served as the sole lead manager for both the SPP and the institutional placement, ensuring a streamlined process for the capital raise.

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