Barton Gold (ASX:BGD) has confirmed its Share Purchase Plan (SPP) closed oversubscribed at 5pm AWST on 14 July 2023.
The company sought to raise $1 million through the SPP but says it received applications for a total of $1.2 million. Funds have been received subject to final reconciliation, including like holder and custodian analysis.
Barton expects to announce the SPP results on 19 July 2023 and issue the SPP shares the following day (20 July 2023), with the shares to begin trading on 21 July 2023.
Commenting on the SPP closing, Barton Gold Managing Director Alex Scanlon says: “We are honoured to receive such significant support from our existing shareholders as we continue driving forward with our regional development strategy in South Australia.
“The SPP proceeds … will further reinforce our treasury as we target accelerated potential ‘Stage One’ development pathways”
The SPP proceeds, along with the proceeds of ongoing asset monetisation initiatives such as gold concentrates processing, will further reinforce our treasury as we target accelerated potential ‘Stage One’ development pathways.
While completing our institutional placement and SPP, we have been finalising the planning of priority FY24 field programs. These will commence shortly, targeting further resource upgrades by the end of 2023.”
The SPP was opened on 27 June 2023 and offered all eligible shareholders the opportunity to acquire new Barton shares at $0.25 per share — the same price as its recent institutional placement.
Barton Gold is an Australian gold exploration company focused on its portfolio of assets in South Australia. The company’s assets include the Tarcoola Gold and Tunkilla Gold projects, alongside the only regional gold mill in the central Gawler Craton in South Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Barton Gold
