Lefroy to accelerate exploration in WA - Engineering News
Junior explorer Lefroy Exploration will raise A$3.8-million to accelerate exploration at the Eastern Lefroy gold project, in Western Australia.
Lefroy would place more than 19-million shares, at a price of 20c each.
Lefroy’s largest shareholder, JSE-listed Gold Fields, has agreed to subscribe for about 3.45-million shares to maintain its 18.12% shareholding in Lefroy, while the balance of the placement will be taken up by new institutional and sophisticated investors, as well as existing shareholders.
Lefroy chairperson Gordon Galt on Thursday said that the company was grateful for the ongoing support of shareholders, including Gold Fields, and was pleased to welcome a number of new shareholders to welcome a number of new shareholders to the register.
“We are now in a strong financial position to accelerate exploration activities at the Eastern Lefroy gold project, including the highly prospective Lucky Strike trend, and to complete initial drilling at Hang Glider Hill.
“These programmes, together with the continued exploration activity in the western portion of the Lefroy gold project through our joint venture with Gold Fields, mean there will be substantial drilling activity and news flow going forward.”
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