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Bryah Resources secures commitments for $2 million placement

Hartleys Limited acted as lead manager to the placement, which has been strongly supported by new investors as well as existing shareholders.

Bryah Resources Ltd - Bryah Resources secures commitments for $2 million placement
Aircore and reverse circulation drilling is planned to begin in late September

Bryah Resources Ltd (ASX:BYH) has obtained firm commitments for a capital raising of $2 million at 6 cents per share to follow up high priority gold and copper-gold prospects at the Bryah Basin and Gabanintha projects in WA.

The board of directors collectively committed by subscribing to $150,000 worth of shares at the same price as the placement, subject to shareholder approval.  

Follow-up reverse circulation (RC) drilling is planned to begin in late September at the Gabanintha Project where previous drilling has intersected up to 18 g/t gold and 0.36% copper.

Well-funded for exploration

Bryah Resources managing director Neil Marston said: “The successful completion of this placement will see the company well-funded with $2 million raised for renewed exploration efforts on the company’s excellent gold and copper-gold targets.

“In addition, we have access to a further $2 million of exploration funding from OMM under stage-two of our joint venture to advance our manganese exploration activities.

“We look forward to a busy program of gold and copper-gold exploration in the Bryah Basin and at Gabanintha over the coming months.”

Placement details

The placement funds will be used to:

  • Advance exploration for gold and copper-gold deposits in the Bryah Basin with a focus on drill testing the Windalah, Wongawar and other prospects;
  • Undertake sufficient drilling at the Gabanintha Gold Project to allow for an initial mineral resource estimate; and
  • For general working capital.

Bryah has been notified by OMM of the earn-in option exercise which has, in turn, formed the joint venture.

The exercise fee is expected to be received by August 30, at which point this condition will be satisfied.

Quick facts: Bryah Resources Ltd

Price: 0.056 AUD

ASX:BYH
Market: ASX
Market Cap: $4.58 m
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