Far East Gold Ltd (ASX:FEG, OTC:FEGDF) CEO Shane Menere joins Proactive’s Tylah Tully to discuss a successful $4 million capital raise to advance exploration at its Trenggalek, Idenburg and Woyla gold and copper projects in Indonesia.
The capital was accumulated through a combination of an institutional placement, which raised $2.3 million, and a share purchase plan (SPP) that concluded on August 20, 2024, garnering $1.75 million. The SPP received strong shareholder support, leading to the issuance of 12,874,508 shares at $0.136 per share.
The company says the funds will be instrumental in advancing exploration across the company’s portfolio of potential tier-1 assets. The next six months will be pivotal for the company’s growth.
The new shares from the SPP are expected to be allotted on August 27, 2024, and will rank equally with existing shares. Reach Markets acted as the sole lead manager for both the SPP and the placement.