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Mining|PROJECT|Drilling
mining|project|drilling

Galena gets A$10m injection

22nd March 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed junior Galena Mining will raise A$10-million through a subscription agreement with Kingfisher Capital.

Kingfisher Capital would invest the funds over two tranches of A$5-million each, subscribing for shares priced at 40c each. On the completion of each tranche, Galena would also issue 2.5-million unlisted options, of which half will have a strike price of 50c each and the other half will have a strike price of 60c each.

The options will have a four-year expiry date.

Galena MD Alex Molyneux said on Friday that the proceeds will be used to accelerate pre-development works at the company’s Abra base metals project, in Western Australia.

Galena is expected to start initial production development drilling at Abra shortly, under which more than 15 000 m of diamond drilling will be undertaken.

Edited by Creamer Media Reporter

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