Golden Mile Resources Ltd (ASX: G88) has announced it will raise $510,823 before costs through a private placement. Golden Mile Resources is a project development and mineral exploration company focused on growing through advancement of core projects, acquisitions, and joint ventures. The placement involves issuing 85,137,178 new fully paid ordinary shares at $0.006 per share, representing a 26% discount to the 15-day VWAP of $0.0081.
The placement includes 3,500,000 shares applied for by Chairman Mr. Grant Button, subject to shareholder approval. The remaining 81,637,178 shares will be issued under the company’s 15% placement capacity without prior shareholder approval, scheduled for 1 September 2025. Participants in the placement will receive one unlisted option for every two shares, pending shareholder approval at the November 2025 Annual General Meeting. These options have an exercise price of $0.01 and expire on 19 December 2027.
The raised capital is earmarked for additional exploration activities at the Pearl Copper Project in Arizona, USA. This includes geochemistry, geological mapping, geophysics, and further drilling. A portion of the funds will also be used to evaluate potential acquisition opportunities and for general working capital purposes.
Sanlam Private Wealth served as the lead manager for the placement, receiving fees equal to 6% of the funds raised, as well as 16,000,000 unlisted options with an exercise price of $0.01, expiring on 19 December 2027, subject to shareholder approval. Managing Director Damon Dormer expressed delight with the strong investor backing, stating that the funds will drive ongoing exploration efforts and support the strategic evaluation of acquisition opportunities.
