Caprice Resources Ltd (ASX: CRS), an Australian gold and base metals exploration company focused on maximising shareholder value through unlocking new mineral discoveries, has announced a successful placement of $12.74 million to institutional and sophisticated investors. The placement involved the issue of 159,250,000 fully paid ordinary shares at $0.08 per share. The company noted the placement was significantly oversubscribed and subsequently upsized, demonstrating strong support from both new and existing high-quality international and domestic institutions and resources funds.
The funds raised will be used to accelerate exploration programs at the Murchison Gold Projects, including reverse circulation (RC), aircore, and diamond drilling. Specifically, exploration will target the Island Gold Project, as well as aircore and RC drilling at the Comet and Cuddingwarra Gold Projects. Following the settlement of the placement, Caprice Resources anticipates having approximately $15 million in cash, positioning the company to aggressively pursue its exploration objectives.
Assays are expected in the next four weeks for five diamond holes at Vadrians and 91 reconnaissance aircore drill holes at the Island Gold Project. An upsized 10,000m RC drilling program at the Island Gold Project has recently commenced, with initial assay results anticipated within six weeks. Diamond and further aircore drilling programs are being planned and will commence in the coming months, with additional details to be announced.
Managing Director Luke Cox stated the capital raising significantly strengthens Caprice’s treasury, enabling the company to accelerate exploration across its three Murchison Gold Projects. He anticipates a steady stream of news flow in the coming months as drilling and exploration programs progress and results are received.
