Bardoc Gold Ltd. said Sept. 20 that it is undertaking a capital raising of A$15 million through a share placement and a share purchase plan, to underpin the exploration and development of its Bardoc gold project in Western Australia.
The company said that it has received firm commitments for its share placement of A$12 million with a free 1-for-2 free attaching 16-cent option, while its share purchase plan is set at A$3 million. Both placement and purchase plan shares are priced at 10 Australian cents apiece.
The price of 10 cents per share represents a 9.09% discount to the closing price of the company's shares on Sept. 17 and a 15.19% discount to the VWAP of the last five trading days.
Bardoc expects results from its ongoing prefeasibility study at its namesake project in the first quarter of 2020, with a portion of the capital being raised to be allocated to engineering and environmental studies required for the completion of a bankable feasibility study.
The company said that a project-wide mineral resource update is on track for completion by the end of September.
On Sept. 2, the company said that it executed a deal to acquire P24/4698 for A$60,000 in cash, plus 3 million share options, to expand Bardoc.
