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De Grey Mining substantial shareholder DGO Gold boosts interest to 16.22%

In April, commitments were received for a placement of 111.43 million shares at 28 cents per share through clients of Bell Potter Securities Limited and Argonaut Securities Pty Ltd as joint lead managers.

De Grey Mining Limited - De Grey Mining completes second tranche of placement announced in April
Funds raised will be spent towards ongoing exploration at the Hemi deposit

De Grey Mining Ltd (ASX:DEG) substantial shareholder DGO Gold Ltd (ASX:DGO) has increased its interest in the successful gold explorer to 16.22% after completing the $5.385 million second tranche placement which formed part of De Grey's A$31.2 million capital raising.

After receiving shareholder approval for tranche-2 on Friday, July 10, 2020, De Grey allotted a total of 19,232,142 shares at 28 cents each with DGO receiving 18,232,142 and Peter Hood the remainder.

Melbourne-based DGO now holds more than 193.5 million shares in De Grey and has lifted its substantial holding from 15.02%.

DGO's continued support

Commenting on this, DGO executive chairman Eduard Eshuys said: “DGO continues to strongly support De Grey which has made the Hemi gold discovery within the richly endowed Mallina gold province in Western Australia.”

In addition to these shares, De Grey has allotted 1 million shares on the exercise of 1 million unlisted options at 10 cents and 150,000 unlisted options exercisable at 30 cents.

Drilling at Hemi discovery 

De Grey continues to expand gold endowment at the Hemi discovery in WA's Pilbara region with drilling still to define the limits of mineralisation.

Extensional reverse circulation and diamond drilling continues to define strong gold mineralisation at the Brolga Zone with results including:

  • 26.9 metres at 1.5 g/t from 269 metres;
  • 19 metres at 2.7 g/t from 203 metres, including 3 metres at 14.7 g/t from 203 metres;
  • 16 metres at 1.2 g/t from 202 metres;
  • 16.3 metres at 1.1 g/t from 214 metres; and
  • 8 metres at 2.6 g/t from 40 metres.

Quick facts: De Grey Mining Limited

Price: 0.84 AUD

ASX:DEG
Market: ASX
Market Cap: $1 billion
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De Grey Mining's Hemi discovery 'getting bigger and bigger' as drilling advances

De Grey Mining Limited's (ASX:DEG) exploration manager Phil Tornatora speaks to Proactive London's Andrew Scott soon after releasing updated drilling results for the Brolga Zone within the project in Western Australia. The latest RC drilling results at the Brolga Zone has defined strong gold...

on 27/3/20

2 min read