$3.5m Institutional Placement Complete, SPP Launch Tomorrow
Adelaide, June 26, 2023 AEST (ABN Newswire) - Barton Gold Holdings Limited (
ASX:BGD) is pleased to announce that the $3.5m strategic Placement announced on 19 June 2023 has been completed. The Placement was priced at $0.25 per share (Share) and led by several existing and new institutional investors.
HIGHLIGHTS
- $3.5m placement to institutional and sophisticated investors (Placement) completed
- $1m Share Purchase Plan (SPP) opens tomorrow on the same terms as the Placement
- $10+ million estimated pro-forma 30 June 2023 cash balance after the Placement, before receipt of proceeds from planned SPP or Barton's ongoing mill concentrates processing
As also announced on 19 June 2023, Barton is also opening a $1 million non-underwritten Share Purchase Plan (SPP) allowing eligible shareholders to acquire new Barton Shares on the Placement terms.2Barton's expanded capital structure now comprises 190,354,326 fully paid ordinary shares (before the SPP).
A letter to shareholders (Letter) and a booklet containing the full SPP details (SPP Offer Booklet) will be published on the ASX, with the Letter and an application form mailed to eligible shareholders, tomorrow.
Applications for SPP Shares will open tomorrow, Tuesday, 27 June 2023, and are expected to close at 5.00pm (AWST) on Friday, 14 July 2023. Barton Gold reserves the right to close the SPP early without notice.
Commenting on the Placement and the SPP, Barton MD Alex Scanlon said:
"Barton is very pleased to have attracted several new high-quality investors on favourable terms and with modest dilution of only ~7.35% for Barton shareholders. The Placement is a strong validation of Barton's value proposition and performance, and the proceeds will help accelerate potential 'Stage 1' development pathways.
The SPP is an opportunity for eligible shareholders to extend their participation in Barton's story as we accelerate potential near-term value add opportunities, on the same terms as our new institutional partners.
"We now have a reinforced cash position with a strong focus on extending our record of cost-efficient exploration and non-dilutive cash generation, and we encourage eligible shareholders to take up the opportunity."
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/7NXN39BM
About Barton Gold Holdings Limited
Barton Gold Holdings Limited (ASX:BGD) (FRA:BGD3) (OTCQB:BGDFF) is an ASX listed Australian gold exploration company with a total attributable ~1.1Moz Au JORC (2012) Mineral Resources endowment (28.74Mt @ 1.2 g/t Au), a pipeline of advanced exploration projects and brownfield mines, and 100% ownership of the only regional gold mill in the central Gawler Craton of South Australia.
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