$12.85 million Capital Raising to advance As Safra

Key points

• SNX raises $12.3M via placement at $0.10 per New CDI
• Directors and management to participate for $0.55M
• Funds to advance As Safra Copper-Gold Project exploration

Full summary

Sierra Nevada Gold Limited (ASX: SNX) has successfully raised $12.85 million through a capital raising initiative to advance its As Safra Copper-Gold Project in Saudi Arabia. The company secured firm commitments for $12.3 million via a single tranche placement of approximately 123.2 million New CDIs at $0.10 per New CDI. Additionally, directors, management, and former management intend to participate for $0.55 million, pending shareholder approval at an EGM. The Placement was led by Fosters Stockbroking and Argonaut Securities, attracting support from existing institutional and sophisticated shareholders, as well as new institutional funds and family offices. The raised funds will be used for exploration and drilling activities at As Safra, including Phase 2 drilling expected to commence within six weeks.

Guidance

None

Outlook

SNX plans to systematically drill across and beyond the +800m Central Copper Zone to further define the mineralised system at As Safra.