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FINWIRES

G50 to Raise Over AU$26 Million Via Institutional Placement to Advance US Projects, Shares Sink 14%

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G50 (ASX:G50) received firm commitments to raise about AU$26.3 million before costs through a single-tranche institutional placement of about 44.1 million new shares at AU$0.595 per share, according to a Wednesday Australian bourse filing.

The per-share price is at a 9.8% discount to G50's last closing price of AU$0.66 on July 24, the filing added.

Funds raised will be used to accelerate exploration at both the Golconda project in Arizona and White Caps project in Nevada, including further drilling, geological studies, gallium test work and early permitting activities at Golconda.

The company's shares plunged 14% in recent Wednesday trade.

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