Metalicity Limited (ASX: MCT) has received firm commitments for an AU$1 million Placement, including AU$120,000 from directors. The funds will accelerate exploration at the Yundamindra Gold Project, following successful maiden drilling with high-grade gold intersections. Historical validation of over 140 holes showed significant gold potential within the top 75 metres from the surface. Upcoming drilling will target the Pennyweight Point prospect, previously yielding 8m at 56.36 g/t Au from 44m.
The company will consolidate its securities on a 10:1 basis, subject to shareholder approval. Placement consists of two tranches, with AU$0.42 million raised in Tranche 1 and AU$0.58 million pending approval in Tranche 2. Canaccord Genuity (Australia) Limited is the Lead Manager for the Placement, receiving fees and options as compensation. Managing Director Justin Barton expressed confidence in the project's significant potential and upcoming drilling plans.
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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.
