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Southern Cross Gold Arranges C$143M Funding to Accelerate Sunday Creek Gold-Antimony Project
Vancouver, Canada and Melbourne, Australia--(Newsfile Corp. - April 30, 2025) - Southern Cross ...
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":"Southern Cross Gold Arranges C$143M Funding to Accelerate Sunday Creek Gold-Antimony ProjectVancouver, Canada and Melbourne, Australia--(Newsfile Corp. - April 30, 2025) - Southern Cross Gold Consolidated Ltd (TSXV: SXGC) (ASX: SX2) (OTC Pink: MWSNF) (FSE: MV3.F) (\"SXGC\", \"SX2\" or the \"Company\"), is pleased to announce that, further to its press release dated April 28, 2025, the Company, Stifel Nicolaus Canada Inc. and Aitken Mount Capital Partners Pty Ltd (ABN 39 169 972 436) as joint lead managers and joint bookrunners (\"JLMs\"), together with Jett Capital Advisors, as co-manager (collectively with the JLMs, the \"Agents\") have agreed to increase the size of its previously announced \"best efforts\" private placement to an upsized amount of approximately C$143,000,000.Highlights Upsized C$143M/AUD$162M private placement received strong demand from existing shareholders and Australian, Canadian and overseas institutional investors. Upon completion of the capital raise, the Company will be fully funded to deliver the following key milestones in the growth and development of the Sunday Creek Gold-Antimony Project, located 60 km north of Melbourne, Australia:C$53M for drilling targeted to establish an Inferred Resource by Q1 2027 C$27M for 1 km decline development to accelerate access to mineralization C$4M for a Preliminary Economic Assessment in respect of Sunday Creek C$59M for exploration target expansion, regional exploration along the 12 km mineralized trend, working capital and G&A over three yearsFurther updates expected as the Company accelerates its growth and development plan with strengthened treasury. Proposed PlacementThe Company has appointed the Agents, to raise approximately C$143M/AUD$162M on a \"best efforts basis\" by way of a private placement (\"Placement\") of an aggregate of 31.8M common shares of the Company (the \"Common Shares\") at a price of C$4.50 per Common Share and/or Chess Depositary Interests (the \"CDIs\") at a price of A$5.10 per CDI. The Common Shares and the CDIs offered in connection with the Placement shall collectively be referred to as the \"Securities.\"The Placement received strong demand from Australian, Canadian, and overseas institutional and other investors as well as existing shareholders.The issue of the Securities under the Placement will not ...