Business
Southern Cross Gold Closes Second Tranche of Private Placement
Vancouver, British Columbia and Melbourne, Australia--(Newsfile Corp. - May 14, 2025) - Souther...
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":"Southern Cross Gold Closes Second Tranche of Private PlacementVancouver, British Columbia and Melbourne, Australia--(Newsfile Corp. - May 14, 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 second tranche (the \"Second Tranche\") of its previously announced C$143M/A$162M private placement (the \"Placement\").Pursuant to the closing of the Second Tranche, the Company issued 6,636,918 common shares (the \"Shares\" and each common share in the authorized structure of the Company, a \"Common Share\") of which 550,000 are converted to Chess Depositary Interests (\"CDIs\") each at a price of C$4.50 (A$5.10) for aggregate gross proceeds of C$29,866,131 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, LLC as co-manager and together with a syndicate of agents including Ventum Financial Corp., Bell Potter Securities Limited, Shaw and Partners Limited, RBC Dominion Securities Inc., Blue Ocean Equities Pty Ltd, and Red Cloud Securities Inc. (collectively with the JLMs, the \"Agents\").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. A third tranche (the \"Third Tranche\") of the Placement for additional aggregate gross proceeds to the Company of up to approximately C$24,442,371 is expected to close on or about May 16, 2025. The Company may pay additional finder's fees under the Third Tranche. Details of the Second TrancheAll Shares issued pursuant to the Second Tranche are subject to a statutory hold period of four-months and one day from the date of closing (the \...