Black Cat Syndicate Ltd. said Oct. 3 that it has received firm commitments from professional and sophisticated investors to raise A$5.0 million at 43 Australian cents per share, which will be used to examine logistics to accelerate drilling in the Anomaly 38 and Woodline areas within the Bulong gold project in Western Australia.
The placement consists of 11,627,907 shares, priced at a 5% discount to the company's closing price on Sept. 30.
Drilling will recommence at the Myhree Southern Offset and Trump North targets at Bulong on Oct. 15.
The company is expected to have a decision to mine in June 2020 as it completes its ongoing feasibility study.
In September, the company said that the total resource estimate for the Bulong project increased to 206,000 ounces contained in 2.6 million tonnes grading 2.4 g/t gold, with a potential open pit resource of 168,000 ounces contained in 2.2 million tonnes grading 2.4 g/t gold.
