Gold explorer Arkle Resources has raised £600,000 in a share placing that will fund its exploration campaigns to the end of next year.
The company said the proceeds from the oversubscribed placing will be used to fund planned sampling and drilling campaigns on its gold properties at Mine River in Co Wicklow and in Donegal, in addition to its the preparation and drilling for zinc in Limerick at the Stonepark Joint Venture and in surrounding areas.
The placing comprised 75 million new ordinary shares at 0.8p per share. It is expected that dealings in the placing shares on London’s AIM will commence on or around September 7th.
The gross proceeds from the placing fully funds the company through next year, with the potential for further £900,000 if the warrants are fully exercised. That would fund the company into 2022.
“This cash raise funds for our ongoing gold and zinc exploration programmes until the end of 2021.
"We have crews working at both Mine River and Donegal targeting gold while drilling will commence this month on the Stonepark zinc project," said John Teeling, Arkle chief executive.
“Follow up drilling is anticipated on all three projects and we look forward to reporting back to shareholders on the results of those activities.”
