Ausgold Limited (AU:AUC) has released an update.
Ausgold Limited has successfully completed the first tranche of a $38 million institutional share placement, with the issuance of 466 million new shares to sophisticated and professional investors, raising about A$14 million. The second tranche is expected to raise an additional A$24 million pending shareholder approval. Ausgold, a gold exploration and development company, is known for its flagship Katanning Gold Project in Western Australia, boasting a significant 3.04 million ounces gold resource.
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