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Catalyst to raise A$5M for exploration at Australian gold projects

St Barbara Ltd. will subscribe for A$5 million of Catalyst Metals Ltd. shares at 78 Australian cents per share.

Catalyst said Dec. 7 that it will use the proceeds for a three-year exploration program at its gold projects in Victoria, Australia. The subscription prices represent a 13% discount to Catalyst's average 30-day share price.

The company intends to accelerate exploration at the Tandarra, Macorna Bore and Sebastian projects and contribute to its share of joint venture expenditure at the Four Eagles gold project.

St Barbara will subscribe for 6,410,256 common shares and underwrite the exercise of Catalyst's listed options at an exercise price of 50 cents before June 30, 2018.

St Barbara will hold an about 16% equity interest in Catalyst following the placement.

Additionally, Catalyst lodged an application for conversion of the Four Eagles exploration license 4525 into a retention license.

The company said it expects a response before the planned start of drilling in February 2018.