Golden Mile Resources Secures $850,000 to Accelerate Pearl Copper Project

Highlights:

• $850,000 Raised for Expansion: Golden Mile Resources Limited (ASX: G88) has secured $850,000 through a capital raise, including $616,000 from institutional investors and $234,000 from the Board and Management.
• Strategic Focus on Pearl Copper Project: The funds will be directed towards accelerating the maiden drilling program at the Pearl Copper Project in Arizona, focusing on the high-priority Odyssey prospect.
• Strong Investor and Board Support: The placement, priced at $0.010 per share, was well-received by investors and reflects a 23% discount to the 5-day VWAP, with additional backing from the company’s leadership team.

Capital Raise Overview

Golden Mile Resources Limited (ASX: G88) has successfully secured $850,000 through a capital raise to advance its highly anticipated Pearl Copper Project in Arizona, USA. The company has garnered firm commitments from institutional and sophisticated investors, amounting to $616,000 before costs. Additionally, the Board of Directors and Management have committed to a further $234,000, pending shareholder approval.

Strategic Funding Breakdown

Golden Mile will issue 61.6 million new fully paid ordinary shares at an issue price of $0.010 per share, representing a 23% discount to the 5-day VWAP of $0.013. This capital raise aims to boost funding for the company's maiden drilling program at the Pearl Copper Project, specifically targeting the Odyssey prospect. The management team and directors' commitment to subscribe for additional shares underlines their confidence in the project's future potential.

Investor and Board Support

The capital raise has been strongly received by investors, and the company’s board is equally committed to its growth strategy. Sanlam Private Wealth Pty Limited served as lead manager, with the company agreeing to pay a 6% fee for the raise and issue 12 million unlisted options at an exercise price of $0.02, expiring three years from the date of issue, pending shareholder approval.

Next Steps and Outlook

At the time of writing, Golden Mile Resources is preparing to hold a shareholder meeting in December 2024 to approve the issue of options and additional shares. The funds raised will expedite drilling activities at the Pearl Copper Project, a significant step in unlocking its resource potential.

Golden Mile’s Managing Director, Damon Dormer, expressed optimism, stating, "These funds will allow us to fast-track exploration at the Odyssey prospect and further strengthen our growth strategy."

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