Barton Gold set to launch $1 million SPP tomorrow after pocketing $3.5 million from private placement

Barton Gold (ASX:BGD) is opening a $1 million non-underwritten Share Purchase Plan (SPP) tomorrow (27 June 2023) on the same terms as its recently completed placement. 

The SPP allows eligible shareholders to acquire up to $30,000 of new Barton shares at $0.25 per share — the same price as the oversubscribed share placement. The company says its expanded capital structure now encompasses 190,354,326 fully paid ordinary shares. 

Applications for SPP shares will be open tomorrow and are expected to close at 5.00pm AWST on 14 July 2023. 

Barton raised $3.5 million through the price placement, which was led by several existing and new institutional investors. 

Commenting on the placement and share purchase plan, Barton Gold Managing Director Alex Scanlon says: “Barton is very pleased to have attracted several new high-quality investors on favourable terms and with modest dilution of only 7.35% for Barton shareholders. 

The placement is a strong validation of Barton’s value proposition and performance, and the proceeds will help accelerate potential ‘Stage One’ development pathways”

The placement is a strong validation of Barton’s value proposition and performance, and the proceeds will help accelerate potential ‘Stage One’ development pathways.

The SPP is an opportunity for eligible shareholders to extend their participation in Barton’s story as we accelerate potential near-term value add opportunities on the same terms as our new institutional partners. 

We now have a reinforced cash position with a strong focus on extending our record of cost-efficient exploration and non-dilutive cash generation, and we encourage eligible shareholders to take up the opportunity.”

Barton Gold is an Australian gold exploration company with a pipeline of ‘advanced’ exploration projects and brownfield mines, alongside 100% ownership of the only regional gold mill in the central Gawler Craton of South Australia.

Write to Aaliyah Rogan at Mining.com.au

Images: Barton Gold Ltd
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.