Proceeds slated for accelerated development of the Andy Well Project
By Devika Patel
Knoxville, Tenn., Dec. 14 - Doray Minerals Ltd. said it plans a private placement of shares, which will be completed in two tranches. It will raise A$18 million.
The company will sell 13,846,154 ordinary shares at A$1.30 apiece. The price per share is a 14.47% discount to the closing share price of A$1.52 on Dec. 13.
The first tranche will consist of 8,308,000 shares for A$10.8 million, and the second tranche will include 5,538,154 shares for A$7.2 million.
Shaw Corporate Finance Pty Ltd. is the manager.
Proceeds will be used for accelerated development of the Andy Well Project, including delineation of the Wilber Lode and other potential deposits, as well as the systematic exploration of a number of other projects in Doray's highly prospective Murchison portfolio, general corporate purposes and potential future acquisitions.
Doray Minerals is a gold exploration company based in North Perth, Australia.
| Issuer: | Doray Minerals Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$18 million
|
| Shares: | 13,846,154
|
| Price: | A$1.30
|
| Warrants: | No
|
| Manager: | Shaw Corporate Finance Pty Ltd.
|
| Settlement date: | Dec. 14
|
| Stock symbol: | Australia: DRM
|
| Stock price: | A$1.52 at close Dec. 14
|
| Market capitalization: | A$83.72 million
|
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