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Tolga Set To Come Out In Draig
BY BARRY FITZGERALD - 25/08/2017 | VIEW MORE ARTICLES BY BARRY FITZGERALD

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 +



View More Articles By Barry Fitzgerald

One of Australia's leading business journalists, Barry FitzGerald, has joined the Resources Rising Stars' Ten Bagger team. FitzGerald, who is a specialist resources reporter with 40 years' experience, will publish his highly regarded weekly column in Ten Bagger.

FitzGerald - whose column highlights the issues, opportunities and challenges for small and mid-cap resources stocks - most recently penned his column for The Australian newspaper and before that, The Age. His column will give readers the chance to benefit from FitzGerald's extensive contact base, invaluable insights and vast experience of the junior and mid-tier resource sector.


 

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