Great Southern Mining announced to raise AU$1.71 million via a placement

Great Southern Mining Limited (ASX: GSN) announced that it had received firm commitments from institutional and sophisticated investors to raise AU$1.71 million through the placement. The placement comprised the issue of approx. 73 million fully paid ordinary shares at an issue price of AU$0.024 per new share, and the issue price denotes a 16% discount to the 5-day VWAP and a 19% discount to the 15-day VWAP.

Funds raised from the placement will be used to implement high-impact drill programs at its wholly owned Duketon Gold Project, where 5 new, high-significance exploration targets have been recognized in combination with the mineralisation already recognized at the Southern Star, Golden Boulder, and Amy Clarke prospects. In conjunction with the placement, some company directors have also committed to investing AU$0.04 million at the same price as the placement shares.

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