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Investors withdraw from Gold Mountain's A$10M fundraising

A group of investors that agreed to invest A$10 million in Gold Mountain Ltd. canceled its subscriptions for the company's private placement.

The company received commitments from the investors in March to participate in the capital raising of 100 million shares at 10 Australian cents apiece.

The investors said they made the decision due to "unforeseen delays" in securing regulatory approvals for the investment, according to an Oct. 9 release.

The investors said they still have a "strong interest" in Gold Mountain and will reengage with the company if the "transaction pathways become feasible."

Gold Mountain planned to use the funds to support exploration programs at its Wabag project in Papua New Guinea and for general working capital.

The company said it is looking for alternative funding options.