Accelerate Resources Limited (ASX: AX8) has successfully raised AU$1.35 million through a placement to professional and sophisticated investors, bolstering its financial position to fast-track its gold exploration strategy. The funds, combined with existing cash reserves, will be directed towards exploration at the newly acquired Kanowna East Gold Project (70% interest) in Western Australia's prolific Kalgoorlie gold region. This project is strategically located 25km from the +60Moz Superpit and 9km east of the +6Moz Kanowna Belle gold mine.
In addition, the company plans to strengthen its balance sheet by monetizing non-core assets to further accelerate exploration at both Kanowna East and the Comet Gold Projects. The placement, managed by Euroz Hartleys Limited, involves issuing 135 million new shares at AU$0.01 per share, reflecting a 23.1% discount to the last traded price. Directors and the CEO intend to subscribe for AU$100,000, subject to shareholder approval.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
