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Southern Cross Gold Closes First Tranche of Private Placement
Vancouver, British Columbia and Melbourne, Australia--(Newsfile Corp. - May 7, 2025) - Southern...
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":"Southern Cross Gold Closes First Tranche of Private PlacementVancouver, British Columbia and Melbourne, Australia--(Newsfile Corp. - May 7, 2025) - Southern Cross Gold Consolidated Ltd (TSXV: SXGC) (ASX: SX2) (OTC Pink: MWSNF) (FSE: MV3) (\"SXGC\", \"SX2\" or the \"Company\") is pleased to announce that it has closed the first tranche (the \"First Tranche\") of its previously announced C$143M/A$162M private placement (the \"Placement\").Pursuant to the closing of the First Tranche, the Company has issued 19,733,160 common shares (the \"Shares\" and each common share in the authorized structure of the Company, a \"Common Share\") of which 16,171,050 are converted to Chess Depositary Interests (the \"CDIs\") each at a price of C$4.50 (A$5.10) for aggregate gross process of C$88,799,220 to the Company. Each CDI represents one underlying Share on a one-for-one basis.Stifel Nicolaus Canada Inc. and Aitken Mount Capital Partners Pty Ltd (ABN 39 169 972 436) acted as joint lead managers and joint bookrunners (together, the \"JLMs\"), together with Jett Capital Advisors as co-manager (collectively with the JLMs, the \"Agents\") to the Placement.A second tranche (the \"Second Tranche\") of the Placement for additional aggregate gross proceeds to the Company of approximately C$54,308,502 is expected to close on or about May 14, 2025, or on such other dates as the Company and the JLMs may agree. The net proceeds from the Placement are expected 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; andC$59M for exploration target expansion, regional exploration along the 12 km mineralized trend, working capital and G&A over three years. Details of the PlacementAll Shares issued pursuant to the First Tranche are subject to a statutory hold period of four-months and one day from the date of closing (the \"Closing\") expiring on September 7, 2025. CDIs issued under the Placement cannot be converted into Common Shares for the purpose of trading such Shares in Canada until four months and one day have elapsed from the Closing...