Flynn Gold Ltd (ASX:FG1) has added $1.1 million to the war chest following a successful share purchase plan (SPP) and the second tranche of a share placement coming to a close.
This second tranche accounted for $990,500 for more than 16.5 million shares issued to directors and related parties, with the final payment of $249,000 expected to be complete in due course.
Funding exploration efforts
“On behalf of the board of Flynn Gold Limited I wish to thank existing and new shareholders for their participation in the company’s fundraising initiatives via the share purchase plan and placement,” Flynn Gold managing director Neil Marston said.
“These funds will predominantly be used to progress our exciting, advanced gold projects in Tasmania.”
Flynn Gold is targeting gold and tin-tungsten across nine tenements in northeast Tasmania, gold, and battery metals at the Firetower Project in the northwest, and the Henty zinc-lead-silver project.
In Western Australia, FG1 also has a portfolio of gold and lithium assets in the Pilbara and Yilgarn regions.