Far East Gold Ltd (ASX:FEG, OTC:FEGDF) has topped up its war chest to progress exploration at the potential tier-1 Trenggalek, Idenburg and Woyla gold and copper projects in Indonesia after accumulating more than A$4 million in recent capital-raising initiatives.
These efforts were completed with a share purchase plan (SPP) that closed on Tuesday, August 20, 2024, with A$1.75 million raised to follow an institutional placement announced on July 31, 2024, that resulted in A$2.3 million.
SPP strongly supported
The SPP attracted significant shareholder support and the company will issue a total of 12,874,508 shares at A$0.136 per share.
Chairman Justin Werner said, “We are overjoyed to have seen such strong support from shareholders for our SPP.
“To fuel exploration”
"The over A$4 million raised from both the recent placement and the SPP will enable us to fuel exploration efforts across our portfolio of potential tier-1 assets and to capitalise on the extraordinary opportunities presented to Far East Gold in Indonesia.
"We sincerely thank shareholders and new investors coming on to the registry for their strong support and we remain actively committed to continuing to generate value for shareholders in what is expected to be a pivotal next six months.”
READ: Far East Gold works toward maiden gold resource at Idenburg in Indonesia
Funds raised from the SPP and the placement will be used to progress exploration activities at the Trenggalek, Idenburg and Woyla projects, and to cover the cost of the offers.
Shares are expected to be allotted on Tuesday, August 27, 2024, with new shares issued under the SPP to rank equally with existing FEG ordinary shares from their date of issue.
Reach Markets was the sole lead manager on the SPP and the placement.
“On cusp of exciting things”
Far East Gold is an ASX-listed copper/gold exploration company with advanced projects in Indonesia as well as Australia.
The company’s CEO Shane Menere recently said: “The company is on the cusp of some very exciting things and we are looking forward to further progressing our three potential Tier-1 assets.”