Hamelin Gold (ASX:HMG) has completed a placement of 1.428 million shares in the company to advance expeditions at the West Tanami and Yilgarn regions in Western Australia.
After shareholder approval at a general meeting on 20 June, the second tranche offered shares to directors and related parties at an issue price of $0.07 per share.
Chieftain Securities (WA) and Cygnet Capital acted as joint lead managers for this placement, with companies such as Gold Fields (NYSE:GFI) and Vault Minerals (ASX:VAU) investing.
Hamelin has also issued 2 million options to its lead managers.
The company will use the funds raised towards advancements at its West Tanami and Yilgarn gold projects with planned drilling to test a suite of large-scale gold targets, as first reported by Mining.com.au in April.
At West Tanami, Hamelin will undergo reverse circulation and diamond drilling at the Jazz and Fremlins, aircore and reverse circulation drilling at other prospects, as well as geochemical sampling to extend untested gold targets.
Over in the Yilgarn Region, the company intends on completing a diamond drilling program at the Anderson gold anomaly, with follow up reverse circulation drilling at Ularring, while also advancing its Venus Project.
Hamelin Gold is a gold explorer with landholdings in the Tanami Gold Province and Yilgarn District of Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Hamelin Gold
