Tolga Set To Come Out In Draig
Plus, London insto climbs aboard copper explorer Auris and a host of imminent newsflow could see emerging gold producer Explaurum re-rated.
More often than not it pays to know who has taken up shares in a placement rather than just knowing the quantum and pricing of the fund raiser.
But because it is not generally the done thing to disclose the recipients, the only way of knowing who the new guys on the register are is if they have gone over the 5% disclosure rule.
Occasionally the news just gets out anyway. And so it was this week with Draig Resources (ASX:DRG) and its $3.3m placement at 5c a share to fund a two-phase drilling program at the old high-grade Bellevue gold project, some 175km north-west of Laverton.
Turns out that Melbourne’s bustling mining investor Tolga Kumova, formerly of Syrah (SYR) graphite fame, took a big lick of the stock, which will see him listed as a 9% shareholder. Nothing on the ASX platform just yet but there will be.
Like the sweep of Melbourne and Sydney funds that put their hand up in the placement, Kumova is backing home the idea that the long over-looked Bellevue has more to give, and that it has now got the right management team to make it happen.
The management team is led by Steve Parsons following his success in making the ASX-listed West African gold stock Gryphon Minerals a $100m takeover buy for Canada’s Teranga Gold last year. Read more +
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