Iceni Gold Limited (ASX: ICL) has announced a capital raising, board restructure, and drilling programmes.
The company has received commitments from institutional, professional, and sophisticated investors to raise A$2.75M. The placement was heavily oversubscribed. Under the placement, ICL will issue 31.28M fully paid ordinary shares at an issue price of A$0.07 per share in tranche 1, and a further 8M shares in tranche 2. The placement includes one (1) attaching option for every two (2) placement shares issued. The options will be exercisable at A$0.105 each, expiring 2 years from the date of issue.
Funds raised through the placement will be used for the following:
• Drilling at the Guyer Well and Everleigh Gold targets
• Drilling at the Breakaway and Monument Gold and Lithium prospects
• Working capital and costs of the placement
Executive chairman, Mr. Brian Rodan, commented, “The strong response to the company’s first capital raise since the IPO in April 2021 was heavily oversubscribed by Iceni’s shareholders and sophisticated investors. This support significantly adds to the board’s confidence in advancing 14 Mile Well to a potential major gold and lithium discovery.”
Additionally, Iceni has appointed Mr. George Karageorge as the new managing director of the company. He has over 35 years’ experience as a company director and geologist, with senior roles across the globe for companies including Western Mining, Anglo Gold Ashanti, Pilbara Minerals, ASARCO, and Barrick Mines. He has experience as executive director of several ASX and TSX listed companies, with experience in taking projects from exploration through to production. As part of the Placement Mr. Karageorge is contributing A$250,000, subject to shareholder approval.
“It is with great pleasure that I welcome Mr. George Karageorge to the Board of Iceni in conjunction with the successful capital raise. George’s appointment enhances the Company’s expertise in gold and battery metals exploration.” Said Mr. Rodan.
RC drilling is planned to commence in late September, testing gold and lithium targets at Breakaway and Monument. RC drilling will commence at both Guyer and Everleigh later in the December quarter to test gold targets.
To find out more, please visit www.icenigold.com.au
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