Lexington raises £530 000 to progress project activities
Aim-listed Lexington Gold, with projects in South Africa and the US, has raised, in aggregate, gross proceeds of £530 000 through the issue of 15.6-million new common shares to new and existing shareholders.
The net proceeds of the fundraise are intended to be used by the company to support ongoing exploration activities and permitting across its South African and US projects, as well as for general working capital.
It will also be used to support ongoing activities relating to the Jelani Resources joint venture with Harmony Gold Mining Company, as well as progressing the discussions with Gold One Africa at the Ventersburg project.
“We are very pleased with the outcome of this capital raise, completed at market price, in what remains a challenging market environment. The strong backing from our existing shareholders, combined with new investor interest, highlights growing recognition of the value within our portfolio,” says nonexecutive chairperson Ed Nealon.
“Over the past 12 months, we have achieved significant milestones, including the formalisation of a Joint Ore Reserve Committee- (Jorc-) compliant mineral resource estimate of over six-million ounces at Jelani, as well as establishing a Jorc-compliant exploration target exceeding five-million ounces at Bothaville.
“These achievements reinforce the scale and potential of our South African gold assets,” he says.
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