Prodigy Gold NL launched a placement to raise A$12 million to fund ongoing exploration, joint venture contributions, and acquisition and farm-in opportunities, as well as for working capital.
The company said Aug. 21 that it will issue approximately 100 million shares at 12 Australian cents apiece, with shares expected to be allotted and start trading on Aug. 29. The offering is fully underwritten by Canaccord Genuity (Australia) Ltd.
Prodigy Gold noted that the share price represents a 20% discount to the Aug. 20 closing price of 15 cents on the stock, and a 12% discount to its 15-day volume-weighted average price of 13.6 cents.
The company granted Newmont Goldcorp Corp. a 75% option on its Tobruk gold project in Australia's Northern Territory in May. Earlier in the year, it said the area of its Lake Mackay gold-copper joint venture with Independence Group NL had increased by 50% to 19,202 square kilometers.
