Exploration/Development, Gold, News

Investors enthusiastic about Flynn Gold

Flynn Gold Golden Ridge

Flynn Gold has completed a share purchase plan with significant excess demand, raising the full amount of $2.46 million before costs.

The company will issue 82,070,455 new fully paid ordinary shares and 41,035,227 new options exercisable at $0.075.

Flynn’s board has also exercised its discretion to accept a portion of the excess demand to the value of $250,000. Accordingly, the company will issue an additional 8,333,333 shares and 4,166,666 options on the same terms.

“I would like to thank all our shareholders who have participated in this rights issue and to also welcome new shareholders to the Flynn Gold register,” Flynn Gold managing director and chief executive officer Neil Marston said.

“This is a very good outcome, particularly in these difficult markets and demonstrates enthusiasm for our future.

“The company now has sufficient funds to embark on growing our gold opportunities in Northeast Tasmania with drilling already underway.”

Flynn holds a prospective portfolio of projects across Tasmania and Western Australia.

In northeast Tasmania, the company’s portfolio comprises nine exploration licences prospective for gold and tin, including the Golden Ridge and Portland projects.

Marston is hopeful that the latest capital raise will advance recent gold discoveries at Golden Ridge to the next level, and deliver value for shareholders.

In north-western Tasmania, Flynn holds three exploration licences over the Henty zinc-lead-silver project and Firetower gold-cobalt-tungsten-copper project with multiple drill targets.

And in WA, Flynn has five projects targeting hard rock lithium pegmatites and gold.

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