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De Grey Mining enters option underwriting agreement in capital management measure

Funds raised will go towards planned exploration and development at the Pilbara Gold Project.

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The Pilbara Gold Project is 60 kilometres south of Port Hedland

De Grey Mining Ltd has entered into an underwriting agreement with Taylor Collison Limited to underwrite 37.5 million listed options.

The options are exercisable at 10 cents an option, resulting in $3.75 million, and expire at the end of this month.

De Grey considers the agreement a prudent capital management measure that allows it to lock in and commit to its immediate and planned exploration and development initiatives.

READ: De Grey Mining recovers coarse gold nuggets in first bulk sampling

Taylor Collison will earn a standard fee for the underwriting, a portion of which will be paid to various sub-underwriters who supported Taylor Collison.

De Grey expects to announce the number of shares to be issued as a result of the underwriting on or around December 7, 2018.

The company recently acquired Chinese-owned Indee Gold Pty Ltd, enabling it to bring its interest in the Pilbara Gold Project to 100%.

Earlier this month, De Grey received initial positive results from trial bulk sampling at Loudens Patch within the Pilbara Gold Project.

Additionally, De Grey’s recent drilling program successfully intersected high-grade underground lodes below the Withnell proposed open pit.

Quick facts: De Grey Mining Limited

Price: 0.185 AUD

ASX:DEG
Market: ASX
Market Cap: $192.13 m
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