Flynn Gold Ltd (ASX:FG1) has extended the closing date for its non-renounceable entitlement offer by two weeks.
This offer is partially underwritten up to an amount of $2.455 million and allows eligible shareholders to subscribe to one new share for every two existing shares at an issue price of 10 cents per new share.
The entitlement offer will raise up to approximately $4.8 million before costs.
Use of funds
In December, FG1 launched a $6.1 million capital raising to fund further exploration and drilling at Trafalgar and elsewhere on the company’s Northeast Tasmanian gold assets, early exploration on WA lithium-gold assets and M&A opportunities.
FG1 has eight 100%-owned tenements in northeast Tasmania and has established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions of Western Australia.
The company also has prospective tin projects within its Northeast Tasmania Gold Project, as well as two zinc-silver tenements on Tasmania’s mineral-rich west coast.
Indicative timetable
The new closing date will be 5:00pm on February 2, 2023. The revised indicative timetable is:
