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Cervantes outlines capital raising to drill gold projects

The capital raising offer plans to be open to investors until 30 November 2018.

aircore drilling at Primrose project
Drilling at Albury Heath will follow up grades of up to 1 metre at 202.8 g/t gold

Cervantes Corporation Ltd (ASX:CVS) has released a prospectus detailing a capital raising of up to $700,000 through the issue of up to 70 million shares priced at 1 cent each.

Subject to shareholder approval, eligible applicants will receive one free attaching option exercisable at 1.5 cents expiring 30 June 2020 for every two shares they are issued.

Funds will be primarily used for the imminent drilling of both the Albury Heath Project and Primrose Project in Western Australia.

READ: Cervantes Corporation pursues strategy for near-term, cheap gold production

Albury Heath near Meekatharra delivered high-grade drill results of 2 metres at 67.2 g/t from 27 metres and 5 metres at 63.1 g/t from 32 metres earlier this year.

Follow-up drilling is planned to commence immediately upon finalisation of the drilling tender process currently underway.

READ: Cervantes Corporation directors complete field visit to Primrose Project

The Primrose project in Payne’s Find Goldfield will also receive a follow-up drilling program based on the successful air core drilling program, and the RAB drilling program in 2017.

This drilling produced elevated gold and nickel-cobalt-copper results as released in mid-June 2018.

Cervantes expects this program to follow on from the Albury Heath drilling program.

Quick facts: Cervantes Corporation Ltd

Price: 0.004 AUD

ASX:CVS
Market: ASX
Market Cap: $1.99 m
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