Institutions, high net worths jump into Great Southern ahead of company making drill program
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Special Report: Leading institutional investors and high net worth individuals will join the Great Southern Mining register, ahead of a historic maiden drilling program at Cox’s Find.
Great Southern Mining (ASX:GSN) has received commitments to raise $1.485 million before costs from eight leading Australian and international institutional investors and several high net worth individuals, with Bell Potter acting as Lead Manager for the placement.
That cash will be used to expand and accelerate the exploration program at Cox’s Find, where Great Southern is on a mission to uncover a substantial high grade gold resource.
Like Spectrum Metals’ (ASX:SPX) company defining Penny West (re)discovery, Cox’s Find is a very high-grade historic mine, tragically under-explored by modern standards.
We’re talking about an operation that produced 77,000 ounces at eye-watering grades above 22g/t back in the 1930s and early 40’s.
Cox’s Find remains an absolute treasure trove to this day.
27 million shares will be issued at 4.5c per share to raise $1.215m; a further 27 million listed options issued at 1c each will raise an extra $270,000. These options are exercisable at 5c on or before September 2022.
“I’d like to thank Bell Potter for their interest in the Company and for introducing institutional investors to our register,” Great Southern executive chairman John Terpu told Stockhead.
“It reaffirms our belief that Great Southern’s high quality gold asset portfolio has immense potential. Our assets are in well-known and well-endowed gold districts and all within 25km from operating mills.”
“We have an exceptional opportunity to fast track our exploration programs across our assets with the first priority being the focus on unlocking the potential of the Cox’s Find Gold Project and undertaking a far more aggressive program than originally planned.“