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FINWIRES

Gateway Mining Secures AU$45 Million Through Placement; Shares Fall 8%

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Gateway Mining (ASX:GML) secured firm commitments to raise AU$45 million through a placement of 562.5 million shares at AU$0.08 each, representing a 9.1% discount to the stock's 15-day volume-weighted average price, according to a Wednesday Australian bourse filing.

The settlement and issuance of the new shares are expected to take place on Sept. 15 and Sept. 16, respectively, per the filing.

The proceeds will be used to fund drilling, exploration and resource growth at the Yandal, Glenburgh South, and Barrelmaker Projects, as well as placement costs and general working capital, the filing added.

The company's shares fell past 8% in recent Wednesday trade.

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