Mutiny Gold (ASX:MYG) has successfully placed 70 million ordinary shares at 3.5 cents per share to professional and sophisticated investors, raising $2,450,000.
Funds have been raised to enable the next $1.25 million tranche of the scheduled payment commitments for the acquisition of the Gullewa Gold Project from Canadian listed ATW Gold Corp (TSXV: ATW).
Gullewa is located 450km north of Perth, Western Australia, and 170km east of the port city of Geraldton.
In addition the funding will enable the completion of infill drilling Gullewa’s Deflector Pit to enable increase in measured resource and upgrade mine studies to Scoping stage report.
Mutiny will farm into the Gullewa Gold Project by paying $9m to earn 70% of the project.
Shares and options will be allotted today apart from application funds amounting to $50,000 which are awaiting bank clearance.
The terms of the placement also provides for the issue of options on the basis of 1 option for every 2 shares subscribed (exercise price 5 cents each, expiry date 23rd July 2013).
Mutiny's managing director John Greeve acquired 7,142,857 fully paid ordinary shares indirectly today at 3.5 cents per share.
Currently, MYG is trading at $0.46.