Pacgold Secures $4.1 Million Placement to Accelerate Exploration at Alice River Gold Project

Highlights:

• Successful Capital Raise: Pacgold Limited (ASX: PGO) completed a $4.1 million placement, demonstrating strong support from both existing and new investors to accelerate exploration at the Alice River Gold Project.
• Comprehensive Exploration Strategy: Funds will be utilized for regional surveys, drilling programs, resource definition, metallurgical studies, and camp expansion to enhance project viability.
• Upcoming Share Purchase Plan: The company plans to launch a Share Purchase Plan (SPP) to raise an additional $1.5 million, allowing eligible shareholders to participate and further engage with Pacgold's growth initiatives.

Pacgold Limited (ASX: PGO) has successfully completed a $4.1 million capital raise through a placement, allowing the company to expedite exploration efforts at its 100% owned Alice River Gold Project in North Queensland. This significant funding comes from strong commitments by both existing shareholders and new investors, reflecting confidence in the project's potential.

Utilization of Funds

The funds from the placement will be allocated towards various exploration activities, including:

• Continuing regional geochemical and geophysical surveys.
• Conducting regional reverse circulation (RC) drilling programs.
• Further defining resources in the Central zone through diamond drilling.
• Undertaking metallurgical studies.
• Expanding the camp facilities.

As part of the placement, Pacgold will issue approximately 45.56 million new shares at a price of A$0.09 each, representing a 24.9% discount to the five-day volume weighted average price. Notably, 21 million shares will be issued under the company’s existing placement capacity, while 24.5 million shares are pending approval at the upcoming Annual General Meeting (AGM).

Share Purchase Plan (SPP)

In addition to the placement, Pacgold plans to offer a Share Purchase Plan (SPP) aiming to raise up to an additional $1.5 million. Eligible shareholders will have the opportunity to subscribe for up to A$30,000 in new shares, further enhancing capital and shareholder engagement.

Positive Outlook

Matthew Boyes, Managing Director of Pacgold, expressed optimism regarding the support received from shareholders, indicating a strong belief in the Alice River Project’s quality. With over 800 drill sites being prepared for upcoming drilling programs, the company anticipates positive developments in the near future.

As of at the time of writing, the capital raise positions Pacgold well for accelerated exploration and the potential discovery of significant gold resources at Alice River. Stay tuned for updates as the company progresses in its exploration journey!

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