Far East Gold Ltd (ASX:FEG, OTC:FEGDF) has extended the closing date for its share purchase plan (SPP) to Tuesday, August 20, 2024, at 5pm (AEST).
The Indonesian gold explorer has received strong support from shareholders for the SPP, with the extension to allow eligible shareholders additional time to complete applications.
Several shareholders requested additional time to participate.
Funds to be used for several initiatives
The funds raised will be allocated to several key initiatives, including the publication of the Idenburg Project JORC resource estimate to 2012 standards (updating the historical estimate based on the unpublished 2004 JORC standard), Phase 1 of the Trenggalek Project drilling program, ongoing exploration at Woyla and to provide working capital and cover the costs associated with the offer.
The company recently fielded additional high-grade gold assay results – including 20 metres at 7.57 g/t gold from the Victory vein – in its maiden scout drilling program at the Woyla Copper Gold Project’s Aloe Rek prospect area.
SPP terms
Under the SPP, new fully paid ordinary shares will be issued at 13.6 cents per share. This price represents a 24.44% discount to the last closing price on July 26, 2024, and a 20.00% discount to the volume-weighted average price (VWAP) over the five trading days preceding the SPP announcement.
Shareholders wishing to participate in the SPP can request an electronic copy of their personalised application form via the following link: Far East Gold Request Form. Reach Markets, the advisers managing the SPP, are available for contact at 1300 805 795 or advisers@reachmarkets.com.au.