Emerging Goldfields explorer NTM Gold Limited (ASX: NTM) announced that it has raised $1.5 million in a heavily oversubscribed placement of new shares. The new shares were priced at 5¢, a modest 8% discount to NTM’s pre-trading halt close of 5.4¢ on January 11. The successful raising continues NTM’s strong start to 2018, which has included the appointment of Andrew Muir as Managing Director and confirmation of further exploration success at the Company’s 100% owned Redcliffe Gold Project near Leonora.
NTM intends to use the newly raised funds to accelerate drilling at its Redcliffe project. The Company has just completed a 24-hole campaign for 4976m at the Nambi and Golden Terrace South (GTS) deposits and the newly discovered Bindy and KT-1 prospects. The Nambi and GTS results have been handed to an independent consultant to provide guidance as the Company looks to deliver an updated resource estimate. NTM’s stated ambition is to prove up the prospectivity of Redcliffe, a 180km2 tenement package that covers 30km of the Mertondale Shear Zone, and deliver shareholders a resource upgrade in 2018.
The latest single-metre RC drilling results (refer ASX release 12 January 2018) from Nambi included 3m @ 14.2g/t, 2m @ 8.98g/t and 6m @ 4.61g/t. Results from GTS included 16m @ 2.71g/t and 19m @2.40g/t. Intercepts at the Bindy and KT-1 prospects (based on 5m composites) included 30m at 1.92g/t.
The equity raising was led by Argonaut, had targeted $1.25 million at 5¢ a share. However, commitments from sophisticated investors were significantly higher, prompting NTM to agree to increase the raised amount to $1.5 million at 5¢.
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