Business
REZ RAISES $1.1 MILLION TO ADVANCE THE EAST MENZIES GOLD PROJECT
REZ RAISES $1.1 MILLION TO ADVANCE THE EAST MENZIES GOLD
About this update from Resources & Energy Group Limited
[{"type":"text","content":"Resources & Energy Group Limited (ASX: REZ) (REZ or the Company) is pleased to announce that it has received firm commitments from professional and sophisticated investors to raise $1,100,000 (before costs) through a share placement.\nProceeds will be used to support the expansion of the vat leach facility (including permitting), site operations and mining activities at Maranoa, and exploration drilling across the consolidated ~100km2 East Menzies Gold Project. The funds will also provide for working capital and the costs associated with the placement.\nREZ Group Managing Director J. Daniel Moore said: 'We are pleased with the strong investor support for this raise. These funds will help drive our gold production ramp-up, exploration programs, and expansion of processing capacity at East Menzies. With a third gold pour imminent and approval pending for additional vats, REZ is positioned for strong progress in the months ahead.'\nCAPITAL RAISING DETAILS\nThe placement comprises the issue of 73,333,333 new fully paid ordinary shares at 1.5 cents each, representing a 16.7% discount to the last traded price of 1.8 cents. The shares will rank equally with existing fully paid ordinary shares and will be issued under the Company's placement capacity pursuant to ASX Listing Rules 7.1. Canary Capital Pty Limited acted as lead manager to the placement and will receive a fee of 6% of the amount raised, plus 5,000,000 REZ options with an exercise price of $0.04 each and an expiry date of 3 years from issue. The Directors of REZ will also be issued 23,333,333 new fully paid ordinary shares at an issue price of 1.5 cents in lieu of fees owing. The issue to directors will be subject to shareholder approval to be sought at a general meeting.\nContact:J. Daniel Moore\nEmail: [email protected]\nTel: +61 2 9227 8900Mark Flynn\nEmail: [email protected]\nTel: +61 416 068 733\nABOUT RESOURCES & ENERGY GROUP LIMITED (ASX: REZ)Resources & Energy Group Limited (ASX: REZ) is an ASX-listed gold explorer and miner, focused on unlocking the full potential of the East Menzies Gold Project in Western Australia. The Company is committed to advancing cost-effective gold extraction through innovative processing methods, such as vat leaching while exploring additional high-grade gold deposits within its extensive tenement package\nFO...