Olympio Metals (ASX:OLY) has received commitments from investors to raise $1.5 million to continue a 10,000m diamond drilling program at its Bousquet Gold Project after intersecting visible gold in the first drillhole.
The company will issue 15 million shares at a price of $0.10 per share, which represents a 13% discount to the closing price of $0.115. Shares are scheduled to be issued on 4 July.
An additional $100,000 will be raised solely from directors, subject to shareholder approval at a general meeting in late August.
Olympio also intends to issue 3.5 million options to advisors at an exercise price of $0.15 per share, expiring three years from the date of issue.
Managing Director Sean Delaney says the company believes that Bousquet is one of the world’s premier locations to explore for gold with multi-million ounce resources to the east and west and two operating processing plants within 15km of the project.
As reported by Mining.com.au, Olympio has already identified visible gold in this drilling program at the Bousquet Gold Project, with the first drillhole showing gold at a depth of 188m. The company expects the first batch of assay results will be returned in the coming weeks, after the completion of drilling operations.
Olympio Metals is an Australian explorer focused on developing critical minerals projects in Australia and Canada.
The company has an option to acquire 80% interest in the Bousquet Gold Project from Bullion Gold Resources (TSX-V:BGD).
Remaining funds will be delegated to advancing exploration at the Dufay Copper-Gold Project in Québec, which the company also has an option to acquire 80% interest in.
Write to Maddison Elliott at Mining.com.au
Images: Olympio Metals
