Kula Gold Limited (ASX: KGD) has announced it will raise $750,000 before costs through a placement of shares to professional and sophisticated investors. Kula Gold is an ASX-listed exploration company focused on discovering and developing economic mineral deposits. The company’s primary focus is on gold and base metal exploration within Western Australia.
The placement will involve the issue of 115,384,615 fully paid ordinary shares at a price of 0.65 cents per share. This price represents an 18.75% discount to the last closing price. Euroz Hartleys Group Limited managed the placement. Settlement is expected around August 14, 2025, with allotment to follow around August 15, 2025. A 6% capital raising fee will be applied to the Placement.
Funds raised from the Placement will be used to advance drilling and exploration activities at the Mt Palmer Gold Mine, as well as for working capital. Recent drilling at the Mt Palmer Gold Mine project has yielded promising results, including 3m @ 29.7g/t gold and 3m @ 35.9g/t gold. The company is using these results to build a better understanding of the gold system.
The next step for Kula Gold is to twin some of the existing holes and drill new interpreted areas with diamond drilling to gain structural control on the high-grade zones. Following the diamond drilling program, the company plans to move immediately to RC resource drilling. The company secretary, Keith Bowker, is available for further information.
