The first tranche of shortfall shares and options has been finalised (ASX announcement today) with the remainder in train, via Greenday Corporate, as per the prospectus. The shortfall remainder will be placed over the next few weeks and months - tied to the prospectus raising - not a new capital raising.
We always planned to do deep drilling (eg, Aztec Dome nickel targets) later this year, by which stage our finances will be better, but I can't give you a specific date. When the current capital raising has been completed and all cash proceeds from the Coogee gold deposit sale have been received we will have ample funds to do several drilling programs. Clearly, if we raise all of our funds quickly, then we can consider bringing the deep drilling program forward. At this stage we are not planning to cut back any of drilling programs.
We intend to do some shallow RC gold drilling in the near future. We are also planning some deep drilling at our Bundarra gold targets later this year.
All I can say is keep an eye on ASX announcements.
Kind regards, Chris Tomich
TMX Price at posting:
2.6¢ Sentiment: ST Buy Disclosure: Held
