Great Boulder Resources Ltd (ASX:GBR) has completed its $6 million capital-raising exercise to undertake resource exploration and drilling at the flagship Side Well Gold Project in Western Australia as well as execute a maiden exploration program at the Wellington Base Metal Project in the Earaheedy Basin.
The company recently completed the issuance of 7,020,294 new shortfall shares to raise $575,664 under a non-renounceable entitlement offer, bringing the total received to $3,533,947 before costs.
An additional 12,195,122 placement shares have also been issued to professional and sophisticated investors, raising $1 million from the excess demand.
About the projects
Side Well is a high-grade gold project in the heart of a multi-million-ounce field near Meekatharra in Western Australia.
It hosts a JORC 2012 Mineral Resource Estimate of 518,000 ounces at 2.6 g/t gold.
An aggressive exploration program is ongoing at Mulga Bill, Ironbark and other prospects within the project.
At Wellington, Great Boulder has three tenements covering an area of 1,134 square kilometres, including 60 kilometres of prospective strike of prospective carbonate host units.
The tenements are currently in application and once granted, the company will commence exploration with field reconnaissance and surface sampling to identify targets for drill testing.