Australian Gold and Copper says $10.1 million investment a big vote of confidence
September 21, 2023 at 02:46 pm
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Australian Gold and Copper Ltd (ASX:AGC) MD Glen Diemar speaks with Proactive following news of the company’s $10.1 million investment from Hong Kong-based Delin Mining Group Cooperation Ltd. The share placement will result in Delin holding a 55% interest in AGC once completed. The transaction, which requires shareholder approval, will give AGC the funds to continue its search for gold and copper in the Cobar Basin of New South Wales, which is host to the high-grade CSA copper mine. A maiden drill program to test the high-priority Hilltop Target has been approved to commence as soon as the placement is completed.
“In the current climate where the cost of capital is high, this investment represents exceptional value for all our shareholders,” AGC chairman David Richardson said.
“The significant premium to market price is clear evidence of the attractiveness of the drill-ready targets in our South Cobar Project.
“We look forward to this transformational strategic investment and welcome Delin as a new major shareholder.”
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
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Australian Gold and Copper Ltd is an exploration company, which is focused on the exploration and development of its multi-asset gold portfolio situated in the Lachlan Fold Belt in New South Wales. Its projects include Moorefield Project, Gundagai Project and Cargelligo Project. The Moorefield project comprises two granted exploration licenses covering over 481.5 square kilometers (km2) (EL7676 Moorefield and EL8669 Derriwong). The Gundagai project consists of an exploration license covering 265 km2 and comprises multiple drill ready prospects considered prospective for McPhillamys-style gold, epithermal gold-copper and large-tonnage zinc-lead-silver prospects. The Cargelligo project consists of an exploration license covering 227 km2 and is located 15 kilometers (km) west of the town of Lake Cargelligo in NSW. The Project comprises multiple drill ready Cobar-style gold-polymetallic prospects within a 15 km zone along strike from the Cobar Mining District in the southern Cobar Basin.