Resources & Energy Group Limited (ASX:REZ) Raises $1.1 Million to Advance East Menzies Gold Project
Capital Raising Details
Resources & Energy Group Limited (ASX: REZ) has raised $1.1 million (before costs) through a share placement at 1.5 cents per share, representing a 16.7% discount to the last traded price of 1.8 cents. The placement includes the issuance of 73,333,333 new fully paid ordinary shares.
Use of Funds
The funds will support the ramp-up of gold production, exploration at priority targets, and expansion of the vat leach facility at the East Menzies Gold Project. Additionally, the proceeds will cover working capital and placement costs.
Executive Comments
Managing Director J. Daniel Moore stated, “We are pleased with the strong investor support for this raise. These funds will help drive our gold production ramp-up, exploration programs, and expansion of processing capacity at East Menzies. With a third gold pour imminent and approval pending for additional vats, REZ is positioned for strong progress in the months ahead.”
Motley Fool contributor Kiarra Jackson 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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