In light of the strong demand and show of support from shareholders, the company’s board has elected to accept all valid applications for 139.5 million new shares.
“Very pleased with outcome”
Twenty Seven Co's chairman Robert Scott said: “We are very pleased with the outcome of the SPP and are extremely encouraged by the level of support we received from our shareholders.
“I wish to thank our shareholders for their strong support.”
New shares under the SPP will be issued today.
Drilling approvals submitted
Funds raised will be used to develop and test drill targets at the company’s Rover project in the WA Goldfields.
Drilling approvals have been submitted to regulators for Creasy 1 gold and volcanic massive sulphide (VMS) style targets.
The Rover project covers two extensive Archean greenstone belts in a known base and precious metals rich region of the Central Yilgarn.
Area gaining momentum
This area is gaining exploration momentum with Cobre’s recent discovery at the Perrinvale project confirming the prospectivity of Cook Well greenstone belt for shallow high-grade copper-gold VMS mineralisation.
TSC recently expanded the Rover project area by 80% to 461 square kilometres, giving it significant portions of the Maynard Hills and Cook Well greenstone belts.
The company has identified several gold-only and copper-gold geochemical anomalies at Rover and is progressing these targets for drill testing.
Creasy 1 first target
A program of work has been submitted to regulators for approval and preparations for drill testing have started.
Drilling will begin at Creasy 1 gold prospect on a recently granted tenement.
At this prospect historic drilling intersected gold along an extensive shear zone, with intercepts up to 3 metres at 1.95 g/t from 53 metres.