Highlights
Flynn Gold to complete a $2.4m equity raising comprising:
- Tranche 1 Placement of approximately $0.56m plus a SPP to raise approximately $0.6m under ASX LR 7.1 capacity to raise approx. $1.2m in total; and
- Tranche 2 Placement of approximately $1.24m to Directors and existing Major Shareholders, subject to shareholder approval
Commitments received for Tranche 1 and Tranche 2 Placement
Proceeds of the equity raising will be combined with existing cash of $1.5m (30-Nov-23), with a total of $3.9m applied to: - $1.5m for further exploration activities at the Company’s Western Australian lithium projects, including Flynn Gold’s acquisition of two exploration licences at Parker Dome, situated 50km north of the world-class Mount Holland lithium project in WA announced separately on the ASX, 11 December 2023, to be read in conjunction with this announcement;
- $1.75m for further gold and critical minerals exploration activities at the Company’s Tasmanian projects;
- $0.65m for general working capital.
Shares to be issued under the Placement and SPP at $0.06 per share
