Lexington Gold Ltd - gold explorer with projects in North and South Carolina - Raises GBP2.5 million from existing and new investors through the issue of 41.9 million shares. The proceeds will be used to "unlock value" from its proposed conditional acquisition of a 76% interest in White Rivers Exploration Proprietary Ltd, an exploration and development company with gold assets in South Africa. Company will use net proceeds to undertake detailed geological analysis, establish requisite work, preparation work on comprehensive independent report.
White Rivers is a major tenement holder at Witwatersand gold fields, which has been a source of almost a third of the world's gold production since 1886, according to Lexington. Lexington Gold acquired 76% on May 15.
Adds USD150,000 in outstanding loans due to the company's Chair Edward Nealon, and GBP300,000 due to Mark Creasy have been settled after his loan to the company.
Chair Edward Nealon said: "The level of interest shown and support received during our fundraising process has been most encouraging, particularly in the light of current market conditions."
Current share price: 5.80 pence, down 1.6%
12-month change: more than double from 2.85p
By Will Neill, Alliance News reporter
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