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Recharged Medallion charges on with Ravensthorpe gold campaign

25 November 2021 14:03
ASX: MM8

More than three-quarters through a 30,0000-metre drilling programme, MM8 will use the money to develop the exciting project sharing geology with a high-grade historical mining district with past production of more than 128koz of gold 20kt copper.

The strong showing of confidence by MM8 backers will see the company emerge with a strengthened cash balance of over $8 million to accelerate exploration efforts and drill programs currently underway at the multidirectional site, recently updated to contain an estimated 674,000 ounces of gold.

The company said results from the extensional drilling program should be available by March next year.

“Completion of this capital raising is critically important to maintain Medallion’s growth ambitions,” managing director Paul Bennett said.

‘We are now in a strong position to maintain a permanent drill presence at Ravensthorpe and keep our outstanding team together to continue to grow the resource and test the multiple regional opportunities.”

The company expects a steady release of assay results into the future, along with continuing current drilling programs well into 2022.

Placement

The company has received binding commitments for a two-tranche placement to raise approximately $4.8 million before costs.

The Placement comprises the issue of 24,674,833 fully paid ordinary shares to sophisticated investors at an issue price of 19 cents per share, placed under the company’s ASX Listing Rule 7.1 capacity.

MM8’s Australian Stock Exchange-listed share prices was trading at 19.5c, today (12:25pm UTC+ 8 hours)

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