Accelerate Resources Limited Raises $1.35 Million to Fast-Track Gold Strategy

Highlights:

• AU$1.35 Million Raised: Accelerate Resources Limited (ASX: AX8) successfully raised AU$1.35 million to fund exploration activities at its Kanowna East Gold Project in Western Australia’s Kalgoorlie region.
• Strategic Gold Project Expansion: The funds will be used to fast-track exploration at the Kanowna East Gold Project, strategically located near significant gold-producing mines like Superpit and Kanowna Belle.
• Discounted Share Issuance: The capital raise involves the issuance of 135 million new shares at AU$0.01 each, a 23.1% discount to the company’s last traded price, enhancing financial flexibility for further growth.

Accelerate Resources Limited (ASX: AX8) has successfully raised AU$1.35 million in a capital raising effort to support its newly acquired gold projects, particularly the Kanowna East Gold Project located in Western Australia’s Kalgoorlie region. The funds will be used to accelerate exploration activities, expanding the company’s presence in one of the world’s most prolific gold-producing areas. At the time of writing, the company has received firm commitments from professional and sophisticated investors for the placement.

Strategic Gold Project Focus

The proceeds from the capital raise will bolster Accelerate’s exploration efforts at the Kanowna East Gold Project, in which the company holds a 70% interest. Located just 25 kilometers from the renowned Superpit mine and near the Kanowna Belle gold mine, the project is positioned within a highly prospective area for gold discovery. These funds will be essential for the company to implement its ambitious gold strategy.

Placement Details and Pricing

The placement will issue 135 million new fully paid ordinary shares at a price of A$0.01 per share, representing a 23.1% discount to the company’s last traded price of A$0.013 on January 28, 2025. The capital raised will enable Accelerate Resources to fast-track exploration and enhance its balance sheet. Furthermore, the company is looking to realize value from non-core assets to further support its expansion efforts.

Accelerate Resources’ CEO, Luke Meter, expressed confidence that these funds will provide the financial backing necessary to advance the company’s gold projects and drive further growth.

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