Benz Mining (ASX:BNZ) has completed a $150 million placement to accelerate its planned 450,000m drilling campaign at the Glenburgh Gold Project in Western Australia.
The company issued about 40.43 million CHESS depositary interests (CDIs) at $3.71 each, raising $150 million before costs. Each CDI represents one underlying common share.
As previously reported by Mining.com.au, the funding supports a planned 450,000m drilling campaign, with six additional rigs taking the on-site fleet to 14.
Benz says it is targeting its maiden mineral resource estimate for Glenburgh in the first half of 2027. Proceeds will also support technical work ahead of planned Feasibility Studies in the 2027 financial year, permitting, and working capital.
Canaccord Genuity Australia, part of Canaccord Genuity Group (TSX:CF), and Euroz Hartleys, a subsidiary of Euroz Hartleys Group (ASX:EZL), acted as joint lead managers.
They received a combined commission of $6 million plus GST, equivalent to 4% of gross proceeds. From this fee, $300,000 will be paid to Shaw and Partners for placement services.
The placement remains subject to final approval from the TSX Venture Exchange. The new CDIs and underlying shares carry a Canadian statutory hold period of four months and one day from issuance.
Benz is a Vancouver-based gold explorer with the Glenburgh and Mt Egerton Gold Projects in Western Australia and the Eastmain Gold Project in Québec, Canada.
Write to France Pinzon at Mining.com.au
Images: Benz Mining
