Hamelin Gold (ASX:HMG) has completed the second tranche of its $3.75 million share placement first announced on 5 May 2023.
The second tranche will net the company $1 million and follows a shareholder meeting held earlier today.
The company says the second tranche issue includes an additional 4 million shares issued to Gold Fields Limited (NYSE:GFI) and Silver Lake Resources (ASX:SLR), alongside 2 million new shares issued to directors at an issue price of $0.10.
Both of these companies are existing substantial shareholders of Hamelin Gold.
On 5 May 2023, Hamelin reported to the ASX that the funds raised from this placement would be primarily used to advance exploration at its wholly owned West Tanami Gold Project.
These exploration activities include reverse circulation (RC) and diamond drilling along the Sultan gold corridor, RC drilling at the Fremlins, Newkirk, and Olsens deposits, aircore and RC drilling across new camp-scale gold targets, and the extension of geochemical coverage across new regional targets.
Hamelin Gold is an exploration company based in Perth, Western Australia. The company has a landholding of about 2,500km-square in the Tanami Gold province. As of 31 March 2023, Hamelin has cash reserves of $4 million, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Hamelin Gold Ltd