Forrestania Resources Limited (ASX: FRS) has successfully completed a AU$360,000 capital raising through a non-brokered private placement at AU$0.01 per share. Ultra Capital CEO Daniel Raihani will acquire a 7% stake in the Company, demonstrating strong investor confidence. Directors have also committed AU$50,000, subject to shareholder approval.
Funds will support further drilling at the Ada Ann prospect within the Bonnie Vale Gold Project, where recent drilling extended gold mineralization over a 225m strike length. The placement will be completed in two tranches: Tranche 1 for AU$184,900 and Tranche 2 for AU$175,100, subject to shareholder approval.
Proceeds will be allocated to exploration at Ada Ann (AU$100,000), other exploration programs (AU$100,000), and working capital including project reviews (AU$160,000). The Tranche 1 shares are expected to be issued by mid-February, with Tranche 2 expected by the end of March 2025.
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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.
