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De Grey Mining has a new substantial shareholder in Northwest

The shareholding comes about as a result of the recently completed Indee Gold acquisition.

De Grey Mining Ltd - De Grey Mining has a new substantial shareholder in Northwest
The Indee Gold acquisition boosts ownership in the flagship Pilbara Gold Project

De Grey Mining Ltd (ASX:DEG) has had Northwest Nonferrous Australia Mining Pty Ltd become a major shareholder in the company with a 6.31% holding.

The stake comprised of 59.06 million shares is part of the consideration for the sale of Indee Gold Pty Ltd to De Grey.

It represents $3 million divided by 90% of the 20-day VWAP for De Grey shares up to 21 August 2019.

De Grey acquired Indee Gold for $15 million

De Grey completed the final component of the acquisition last week giving it 100% control of what it believes to be one of the best underexplored new gold provinces in Australia.

Drilling programs that commenced in early August are now ramping up with three rigs actively operating on-site at Toweranna, Withnell, Mallina and on new regional targets.

All results remain pending and strong news flow is expected over the coming months.

De Grey aims to increase its 1.7 million ounce gold resource base in the Pilbara region up to 3.0 million ounces.

 

Quick facts: De Grey Mining Limited

Price: 0.41 AUD

ASX:DEG
Market: ASX
Market Cap: $480.23 m
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