Arika Resources Limited (ASX:ARI) Upsizes $5M Capital Raise to Expand Gold Exploration
Capital Raising Details
Arika Resources Limited (ASX: ARI) has successfully upsized its capital raising by $5 million to fast track drilling and exploration programs at the Yundamindra and Kookynie Gold Projects in Western Australia. The placement involved issuing approximately 217 million fully-paid ordinary shares at $0.023 per share to new and existing investors, including a $0.7 million commitment from Directors.
Use of Proceeds
The raised funds, totaling around $6 million when combined with existing cash, will support extensive drilling and exploration activities at both projects. Drilling is set to commence next week at Yundamindra, focusing on the Pennyweight Point and Landed at Last prospects. Additionally, exploration efforts at the Kookynie Project will continue to unlock its high potential.
Executive Comments
Justin Barton, Managing Director of Arika, stated, “We are delighted by the strong level of investor support for this capital raising, which we believe reflects the quality and scale of the opportunity in front of us at our two key WA gold projects. Building on the outstanding technical work completed at Yundamindra and Kookynie in recent months – and the excellent results generated by our recent RC and diamond drilling program – we now have a clear pathway in front of us with an outstanding pipeline of priority targets to test in the weeks and months ahead.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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