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Vango Mining bags $1.5M for Plutonic Dome Gold Project

The company will drill the high‐grade Trident Deposit.

Australian dollar currency notes
Development work at the K2 deposit

Vango Mining Ltd (ASX:VAN) has raised $1.5 million via the issue of convertible notes to fund the next phase of exploration at its Plutonic Dome gold project in Western Australia.

The company is planning a drilling program at the high‐grade Trident Deposit, to follow up on its previous round of drilling that intersected 11 metres at 20.2 g/t gold from 161 metres.

Development work is also planned to commence at the K2 deposit in the current quarter that involves decline refurbishment and a dewatering program.

The convertible notes have a term of 18 months with a coupon rate of 15% per annum.

The convertible note holders can elect to convert their principal into Vango ordinary shares at a conversion price of $0.18 each at any time up to the maturity date.

If the convertible note holders elect not to convert their investment into shares by the maturity date, the company will payout convertible note holders in full, including any interest payable.

Quick facts: Vango Mining Ltd

Price: 0.16 AUD

ASX:VAN
Market: ASX
Market Cap: $105.22 m
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