Rua Gold (TSX-V:RUA) has closed its brokered best effort public offering and private placement, raising C$13.8 million ($15.45 million), to fund exploration across its New Zealand projects.
As part of the capital raise, 19.71 million shares were issued at $0.70 per share.
Cormak Securities, Red Cloud Securities, and Beacon Securities were all co-lead agents to the offering.
CEO Robert Eckford says for the first time, Rua Gold is fully funded to execute its exploration plans over the next 12 to 18 months.
“Since listing the company last year, we have accelerated both the Reefton Project on the South Island and Glamorgan Project on the North Island of New Zealand,” Eckford says.
“With the addition of a cornerstone 9.9% investor, we have strengthened our support base, enabling a two-pronged strategy: the continuation of an aggressive drill campaign at the Reefton Project and the planned commencement of drilling at the Glamorgan Project in Q4 2025.
“Both strategies are designed to highlight the exceptional geological potential of New Zealand, supported by a very significant financing.”
The Reefton Goldfields has produced 2 million ounces of gold at grades ranging between 9 and 50 grams per tonne gold. Meanwhile, the Glamorgan property lies in the Hauraki Goldfield which has been mined since the 1860s producing over 15 million ounces of gold and 60 million ounces of silver.
Rua Gold is an emerging gold explorer in New Zealand with two highly prospective land packages.
Write to Aaliyah Rogan at Mining.com.au
Images: Rua Gold
