De Grey Mining Completes AU$300 million Placement

De Grey Mining Limited (ASX: DEG) has successfully completed a fully underwritten two-tranche placement, raising AU$300 million by issuing approximately 285.7 million new fully paid ordinary shares at AU$1.05 per share. This placement, which had a strong institutional backing, represents a 5.8% discount to the closing share price and a 12.0% discount to the 5-day VWAP. Major shareholder Gold Road Resources Limited has committed to acquiring 59,675,554 new shares under the placement, increasing its stake in De Grey to 19.9%. The proceeds from this placement will be used for various purposes, including advancing the Hemi Gold Project, ordering long-lead equipment items, early works, exploration drilling, and general working capital. This financing strengthens

De Grey's balance sheet supports project execution, with the goal of reaching project financing completion by mid-2024. De Grey Mining Limited is set to resume trading on the ASX, with the first tranche of new shares expected to settle on October 5, 2023. The second tranche is subject to shareholder approval at a meeting scheduled for November 9, 2023. Canaccord Genuity (Australia) Limited, Argonaut Securities Pty Limited, and Argonaut PCF Limited played key roles in facilitating this placement, with Azure Capital Pty Ltd and Gilbert + Tobin providing advisory and legal support, respectively.

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