Great Boulder Resources Ltd (ASX:GBR) substantial holder Chris Retzos has increased his stake in the company to 6.83% from 5.19%.
Participation in the company's recent placement has confirmed the Victorian-based investor's confidence in GBR's gold strategy and he now holds more than 16.06 million shares.
$3.1 million capital raising
Great Boulder is undertaking a $3.1 million capital raising to fund aggressive exploration programs at the Side Well and Whitehead gold projects, both in WA.
It has received binding commitments for a single tranche placement to raise $1.65 million before costs at $0.035 per share from new, high-quality institutional, sophisticated and professional investors, as well as existing significant shareholders of the company.
In addition to the placement, Great Boulder is launching a two-for-nine non-renounceable entitlements offer to raise around $1.46 million at $0.035 per share.
The placement and entitlement offer will position the company with a strong cash balance of up to around $4.3 million to execute high impact drill campaigns at Side Well and Whiteheads, following significant recent results and targeting primary gold zones and strike extensions.