Golden State Mining Limited (GSM), a gold, lithium, and base metals exploration company, has announced a successful placement of $1.5 million. The funds were raised through a non-brokered placement of 187,500,000 new shares and attaching options to new and existing sophisticated investors. This capital injection is earmarked to further the company’s gold-focused exploration projects in Western Australia and to potentially acquire new project opportunities.
The placement involves the issue of new fully paid ordinary shares at $0.008 per share, along with one free option for each share issued. These options are exercisable at $0.015 and will expire eighteen months from the issue date. The placement is structured in two tranches, with the first tranche of 62,500,000 shares already completed under existing ASX Listing Rule capacity, raising $500,000. The second tranche, comprising up to 125,000,000 shares, is conditional upon shareholder approval and is expected to raise $1,000,000.
In addition to the capital raise, Golden State Mining announced changes to its board. Alex Tunnadine will join as a Non-Executive Director, bringing extensive experience across various commodities and international projects. Brenton Siggs will resign from the board with immediate effect. Managing Director Mike Moore will also step down from the Board following the successful completion of two tranche raising.
Mike Moore, GSM’s Managing Director, commented on the placement’s success, welcoming the support from shareholders. He added that the company is now well-funded to aggressively pursue its exploration and acquisition ambitions. The company also acknowledged Brenton Siggs’ contribution since 2018 and wished him well.
