Rajasooriar takes Siren reins as it sounds equity raise

Junior explorer Siren Gold (ASX:SNG) has tapped investors for $2.2 million through an oversubscribed two-tranche share placement to help fund exploration work across its portfolio of projects in New Zealand. 

The raise comes in tandem with the appointment of Victor Rajasooriar as Siren’s new Managing Director and CEO who starts in April. 

Under the first tranche of the placement, Siren will issue up to 40.2 million shares to institutional, professional, and sophisticated investors at $0.05 per share to raise just over $2 million.

Subject to shareholder approval, the company will then issue 3.8 million shares to company directors alongside some other institutional, professional, and sophisticated investors to raise another $110,000.

Each share issued under the placement will come with one attaching option exercisable at $0.10 and expiring in 3 years. 

Evolution Capital and Morgans Corporate acted as joint lead managers to the placement. 

Siren says it will use the cash boost to fund drilling and ionic leach soil sampling at its Auld Creek and Sams Creek projects. Further to this, the funds will support mapping and ionic leach soil sampling and trenching at the Langdons project and ionic leach soil sampling at the Big River North project. 

Each project lies in New Zealand’s Reefton Goldfield. 

Alongside the placement, Siren has announced that Rajasooriar will begin his tenure at the helm of the company on 2 April.

He joined the Siren board as a Non-Executive Director back in September 2023, having previously served in major roles across multiple mining companies including Managing Director and CEO of Echo Resources (ASX:EAR) until the completion of a takeover by Northern Star Resources Limited (ASX:NST). Prior to joining Echo, he held the role of
Chief Operating Officer for leading underground mining contractor Barminco and has held
senior roles with Gold Fields and Newmont Mining.

Siren says its Rajasooriar is a ‘highly experienced’ mining executive and board director, with more than 25 years of experience across underground and open-pit operations. 

Executive Chairman Brian Rodan thanked investors for the ‘overwhelming’ support in this fresh capital raise. 

“I look forward to the ongoing and continuing support for all parties as we work towards increasing our current resource base and advancing both the Sams Creek and Reefton / Auld Creek projects to successful Mining Permit application status. 

With the appointment of Mr Victor Rajasooriar to the Managing Directors role, I am very confident that Siren holds the requisite expertise to continue advancing the company’s projects to eventual gold and antimony production on the South Island of New Zealand, a tier-one country with a leading mining industry.”

Siren says with the cash from the capital raise it is ‘well-funded’ to continue to grow its resource base.

Images: Siren Gold
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Written By Joshua Smith
Joshua Smith has years of experience in the media sector, having worked as a markets reporter, features writer, and editor since completing a Communications and Journalism degree and a Creative Writing degree. Josh is an avid board game fan and a self-professed coffee snob.