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De Grey Mining in trading halt with news of material exploration results pending

The company’s securities will remain halted until Tuesday, December 17, or when an announcement is released to the market.

De Grey Mining Ltd - De Grey Resources in trading halt ahead of exploration results
A follow-up drilling program is likely to begin at the Malina Gold Project in February 2020.

De Grey Mining Ltd (ASX:DEG) has been granted a trading halt with an announcement pending in relation to material exploration results.

The trading halt will remain in place until the beginning of normal ASX trading on Tuesday, December 17, 2019, or when an announcement is released to the market, whichever occurs earliest.

The securities of DEG, which has a market cap of approximately $41.5 million, last traded at 4 cents. 

$5 million capital raising 

The company recently received firm commitments to raise up to $5 million through the issue of about 111.1 million shares at 4.5 cents per share to sophisticated and professional investors.

Under the placement, DGO Gold Ltd (ASX:DGO) intends to contribute $500,000 of the $5 million, through their intent is subject to De Grey shareholder approval at an extraordinary general meeting.

Funds raised will be issued to continue exploration activities at Mallina, a key resource within the Mallina gold province, which was previously known as the Pilbara gold province.

Executive chairman Simon Lill said at the time: “The decision to raise additional capital now was difficult but ensures funding is secured and enables ongoing exploration activity at what we consider to be one of the best greenfields gold projects in Australia.

“We are pressing on to establish sufficient resources before considering development or other options and we thank our colleagues DGO Gold Limited for their ongoing support of the company and project.”

Quick facts: De Grey Mining Limited

Price: 0.825 AUD

ASX:DEG
Market: ASX
Market Cap: $985.38 m
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