Riversgold Ltd (ASX:RGL) has lodged its offer documentation with the ASX for a 1-for-1 rights issue priced at 1-cent to raise up to $1.51 million.
Funds raised under the offer will be used to further explore the company’s existing projects in Western Australia and Alaska and to seek complementary opportunities.
The closing date of the offer, which is subject to extension, stands at 7 November 2019.
The company’s exploration activities over the past 12-18 months have been primarily focused on its gold projects in the Eastern Goldfields of Western Australia the Tintina Gold Province in southwest Alaska, US.
In Western Australia, drilling campaigns were completed during the year at the Farr-Jones, Queen Lapage and Cutler prospects within the Kurnalpi Project.
At the Cutler prospect, drilling returned several encouraging narrow, high-grade gold intersections.
Drilling beneath the lake sediments at the Queen Lapage prospect has delineated a large scale gold anomaly within a package of highly prospective host rocks, indicating the potential presence of a large scale gold mineralised system.
The South West Alaska Project comprises the Luna-Quicksilver, Midway and Gemuk properties where Riversgols is targeting large scale intrusive-related gold deposits.