Challenger Gold Closes US$15M Convertible Debentures Tranche 1
Key points
- Completed Tranche 1 of convertible debentures raising US$15M
- Secured agreements for total gross proceeds of US$30.3M
- Tranche 2 pending shareholder approval for US$9.3M
Full summary
Challenger Gold Limited has completed the first tranche of its unsecured convertible debenture offering, raising an aggregate of US$15 million before costs. The debentures, intended to provide financial flexibility for the Hualilan development and working capital, are convertible into fully paid ordinary shares. The company has secured agreements for total gross proceeds of US$30.3 million, with the option to raise up to US$35 million. A portion of the proceeds will fund initial capital and project-readiness activities for Hualilan, including down payments for equipment and engineering. The second tranche, including US$9.3 million from affiliates of Mr. Peter Marrone and Mr. Eduardo Elsztain, is pending shareholder approval targeted for November.
Guidance
Total gross proceeds of US$30.3 million secured, with an option to raise up to US$35 million.
Outlook
Challenger Gold aims to complete the full financing for the Hualilan development by mid-2027, subject to various conditions and approvals.
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