Southern Cross announces AU$16.0 million placement

Southern Cross Gold Ltd (ASX:SXG) announced that it had received firm commitments from institutional and sophisticated investors to raise AU$16.0 million. The placement includes the issue of approx. 27,586,207 fully paid ordinary shares at AU$0.58 per new share. The issue price denotes an 11.5% premium to the 15-day VWAP price and a 1.7% discount to the last traded price before the placement was announced.

The company has announced the placement, followed by a November 21, 2022, announcement that it had intersected gold-antimony mineralisation grading 305.8 m @ 2.4 g/t AuEq (1.6 g/t Au, 0.5% Sb) from 319.2 m hole SDDSC050 at the wholly owned Sunday Creek Gold-Antimony Project in Victoria. Proceed from the placement will be used to add further drill rigs with up to five diamond drill rigs scheduled to advance exploration at Sunday Creek.

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