Yandal Resources Ltd (ASX:YRL) is seeking to raise about $2,941,309 via a non-renounceable rights offer of shares at an issue price of 22 cents each, on the basis of one new share for every four shares held.
The offer includes one free new option for every two new shares subscribed with an exercise price of 27 cents and an expiry date of June 30, 2021.
The funds raised under the offer will primarily be used to accelerate exploration upon Yandal’s projects.
The company recently confirmed promising gold assay results from a 29-hole RC drill program at the Flushing Meadows prospect within the Ironstone Well Project.
Highlights from drilling includes 64 metres at 0.51 g/t gold from 40 metres, 32 metres at 0.98 g/t gold from 52 metres and 40 metres at 1.03 g/t gold from 80 metres.
A new 27-hole drill program has already commenced to infill the northern 800 metres of the deposit to 50-metre spacing along strike and test a number of extensional shallow targets.