Flynn Gold Limited Secures $2.6 million to Advance Exploration Projects

Highlights:

• Flynn Gold Limited (ASX: FG1) secures $2.6 million through a two-tranche placement to fund exploration and drilling.
• Funds will accelerate exploration at the Golden Ridge and Henty Silver-Lead projects, along with general working capital.
• Investors receive one free attaching option for every two new shares, exercisable at A$0.04 with a three-year expiry.

Successful Capital Raise to Boost Exploration

Flynn Gold Limited (ASX: FG1) has successfully raised $2.6 million through a two-tranche placement, securing firm commitments from institutional and sophisticated investors. At the time of writing, the company aims to utilize these funds to accelerate exploration and drilling at its key gold and silver projects.

Details of the Placement

The placement consists of 130 million new fully paid ordinary shares, issued at $0.02 per share. Additionally, investors will receive one free attaching unlisted option for every two new shares, exercisable at $0.04 with a three-year expiry. The capital raise will be executed in two tranches:

• Tranche 1: 59.9 million new shares issued under existing placement capacity.
• Tranche 2: 70.1 million new shares and 65 million placement options, subject to shareholder approval in April 2025.

Flynn Gold’s largest shareholder group has committed to subscribing for 40 million shares, equating to $800,000 of the total placement.

Strategic Allocation of Funds

The proceeds from this capital raise will support Flynn Gold’s strategic objectives, including:

• Expanding drilling and exploration at the Golden Ridge Project.
• Advancing exploration at the Henty Silver-Lead Project.
• General working capital to strengthen financial stability.

Market Confidence and Future Outlook

Managing Director and CEO Neil Marston expressed gratitude for the strong investor support, stating that the funds will accelerate exploration activities at the company’s flagship projects. The placement was led by Bell Potter Securities Limited, reinforcing market confidence in Flynn Gold’s growth potential.

With this capital injection, Flynn Gold is well-positioned to enhance its exploration efforts and drive shareholder value in the coming years.

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