Arika Secures $6.55m Capital Raising to Boost Gold Exploration
Key points
- Firm commitments secured to raise $6.55m through a Placement at $0.019 per share
- Lion Selection Group to hold ~6.7% stake post-completion
- Funds to accelerate exploration and drilling at Yundamindra and Kookynie Projects
Full summary
Arika Resources Limited (ASX: ARI) has announced a successful capital raising of approximately $6.55 million through a Placement to new and existing sophisticated and institutional investors. The Placement was led by Lion Selection Group, which will hold a 6.7% stake in Arika post-completion. The funds will be used to accelerate exploration and drilling at Arika's 100%-owned Yundamindra and Kookynie Gold Projects in Western Australia's Eastern Goldfields. A major drilling campaign has already commenced with 20,000 meters of drilling planned across both projects.
Guidance
Arika expects to raise approximately $6.55 million through the Placement.
Outlook
The company aims to expand known mineralisation, advance towards maiden Mineral Resource Estimates, and test high-priority targets across its gold projects.
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