Business
Adavale Resources Limited - Successful $2.65 Million Placement to Accelerate Parkes Gold Project Drilling
Adavale Resources Limited - Successful $2.65 Million Placement to Accelerate Parkes Gold Project
About this update from Adavale Resources Limited
[{"type":"text","content":"Adavale Resources Limited (ASX:ADD) ('Adavale' or the 'Company') is pleased to announce it has received firm commitments to raise up to $2.5 million (before costs) at $0.021 per share ('Placement').\nUp to approximately 119 million fully paid ordinary shares ('New Shares') will be issued in a single tranche utilising the placement capacity recently approved by shareholders at the General Meeting held on 27 June 2025. In addition, Directors have agreed to participate in the Placement for up to $152,000, which will be subject to shareholder approval. Adavale will offer the Placement investors (including the Directors) one (1) free option for every two (2) New Shares subscribed for under the Placement ('New Options'). The New Options will be exercisable at $0.035 each with an expiry of 30 June 2028 and will be offered to Placement investors (including the Directors) subject to shareholder approval at a General Meeting and pursuant to a prospectus to be made available after the General Meeting ('Option Offer'). The Company intends to apply for quotation of the New Options, subject to the Company obtaining shareholder approval and satisfaction of the ASX Listing Rule requirements for quotation of the New Options.Adavale Resources Executive Chairman and CEO, Mr. Allan Ritchie, commented: 'The successful execution of this Placement enables Adavale to advance its current drilling program at the London Victoria Mine with the aim of increasing the JORC MRE of 115koz containing a higher-grade estimate of 3.14Mt at 1.06g/t Au for 107koz. We are very excited with the prospects of the London Victoria Mine which saw estimated historical production of 155,000 oz at a grade of 2g/t Au. In addition, the drilling program will test for the presence of perpendicular dilation veins similar to the high-grade historical Koh-I-Noor mine which was mined at gold grades up to 43.8g/t Au. This funding also allows us to immediately follow up on the high-potential areas identified following positive and successful exploration activities at the Parkvale South, Ashes and numerous other prospects. This Placement was well supported by new and existing sophisticated investors including a cornerstone investor. On behalf of the Board, I would like to extend our appreciation and gratitude to our new and existing shareholders for their support.'\nPlacement Details\nTh...