Benz Mining Corp. (TSXV: BZ, ASX: BNZ), a dual-listed gold exploration company focused on projects in Quebec and Western Australia, has announced it will accelerate drilling at its Glenburgh Gold Project in Western Australia after securing A$30 million through a bought deal placement. The placement involved the issue of 30,456,853 new CHESS Depositary Interests (CDIs) at A$0.985 per CDI.
The placement was driven by strong demand from leading offshore institutional investors and supported by existing large institutional shareholders. According to Benz, this positions the company’s share register with a broad range of long-only institutional shareholders, demonstrating support for the company’s exploration strategy to fast-track resource growth. Benz Mining owns the Eastmain Gold Project in Quebec, and the recently acquired Glenburgh and Mt Egerton Gold Projects in Western Australia.
The proceeds from the placement will be used to accelerate exploration at the Glenburgh Gold Project, specifically increasing drilling capacity to four rigs. This expanded drilling program will target the emerging bulk-tonnage gold system at the Icon deposit, the high-grade Zone 126 trend, and other priority targets. The funding will also support geological modelling and progress towards an updated Mineral Resource Estimate, reflecting the project’s potential scale.
Mr Evan Cranston, Chair of Benz Mining, stated that this capital raising would significantly increase exploration activities at the Glenburgh Project following recent drilling successes. He also welcomed the new shareholders to the register and thanked existing holders for their continued support. Following the completion of the placement, Benz is expected to have a pro-forma cash position of over A$40 million, enabling a step change in exploration activities at Glenburgh.
