Far East Gold Ltd has launched a share purchase plan

Far East Gold Ltd (ASX: FEG) announced a Share Purchase Plan to raise AU$2 million. This funding will be instrumental in driving its exploration programs forward, ensuring it has the necessary working capital, and covering the costs of the offer. As part of this plan, new fully paid ordinary shares will be available at a substantial 24.44% discount to the last closing price on 26 July 2024 and a 20.00% discount to the volume-weighted average price (VWAP) over the five trading days before the SPP was announced.

The funds raised will be crucial in executing the Woyla Project Maiden Resource, launching the Trenggalek Project Phase 1 Drilling Program, and updating the historical Idenburg Project JORC resource estimate to 2012 standards. In addition, the proceeds will provide essential working capital and cover the costs of the offer.

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