The funds raised will be used for completion of pre‐development activities and applied towards the purchase of equipment for the company’s Theta open‐cut gold project in South Africa.
The raise will also contribute to environmental-related work, including environmental bond obligations for a number of newly granted Mining Rights as well as for general working capital.
Theta chairman Bill Guy said: “We are pleased to welcome our new investors and thank them for their support and commitment.
“The company released the results of a feasibility study on the Theta open–cut gold project in May 2019, with the study confirming its economic viability.
“The raise will now enable the company to advance the Theta open–cut gold project towards development and progress financing for the construction and refurbishment of the existing processing plant.
“The development of this starter project represents the first stage of the company’s strategy to unlock the value of its highly prospective gold assets in the historical gold mining region around Pilgrim’s Rest in South Africa.”
feasibility study results for starter project