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Thundelarra raising funds to explore Garden Gully gold project

All the directors of Thundelarra intend to participate in the issue.
Thundelarra raising funds to explore Garden Gully gold project
Thundelarra is raising funds

Thundelarra Ltd (ASX:THX) is raising up to $4.23 million before costs through a 2 for 5 renounceable pro-rata rights issue.

The issue is attractively priced at $0.025, which is a 39% discount to the 30-day VWAP, and includes a 1 for 2 free listed option exercisable at $0.05 and expiring on the 30th September 2019.

The new funds will be used for drilling the wholly-owned Garden Gully Project in Western Australia.

This project covers circa 78 square kilometres in the Doolgunna region, located 20 kilometres north-west of the town of Meekatharra.

Phil Crabb, chairman, commented: "As your chairman and the major shareholder I intend to participate in this very attractively priced issue, and so do my fellow directors.

"We encourage all shareholders to take this opportunity to purchase new shares at a very attractive price at a time when we are about to move to the next stage at the exciting Garden Gully gold project.

"We see the potential for a lot of good news from exploration in coming months and this issue will give us the funds to ensure that we can carry out the drilling needed to hopefully deliver a maiden resource at Garden Gully."

Garden Gully

Records show the area produced 20,718 ounces of gold at an average grade of 21.7 g/t.

The project has supporting infrastructure including two operating gold treatment plants nearby.

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