Golden Mile raises $510.8K for exploration

Golden Mile Resources (ASX:G88) announced it has secured commitments to raise $510.8K before costs through a private placement with institutional and sophisticated investors. The funds will bolster exploration efforts. The Placement involves issuing 85,137,178 new shares at $0.006 per share, a 26% discount to the 15-day VWAP. 3,500,000 shares are allocated to the Company's Chairman, Mr Grant Button, subject to shareholder approval. Golden Mile's Managing Director Damon Dormer stated, “We are delighted with the strong backing from investors in this $510,823 Placement. These funds will drive our ongoing exploration efforts, enabling us to refine high-priority drill targets following on from our maiden drilling program. Additionally, the capital will support our strategic evaluation of acquisition opportunities aligned with our four-pillar growth strategy.” The capital raised will primarily fund further exploration at the Pearl Copper Project in Arizona, USA, including geochemistry, geological mapping, and drilling. A portion will also be allocated to assess potential acquisitions and for general working capital. Shares issued will receive one unlisted option for every two shares, contingent upon shareholder approval at the November 2025 AGM, exercisable at $0.01 until December 19, 2027, according to the company.

The Placement involves issuing 85,137,178 new shares at $0.006 per share, a 26% discount to the 15-day VWAP. 3,500,000 shares are allocated to the Company's Chairman, Mr Grant Button, subject to shareholder approval.

Golden Mile's Managing Director Damon Dormer stated, “We are delighted with the strong backing from investors in this $510,823 Placement. These funds will drive our ongoing exploration efforts, enabling us to refine high-priority drill targets following on from our maiden drilling program. Additionally, the capital will support our strategic evaluation of acquisition opportunities aligned with our four-pillar growth strategy.”

The capital raised will primarily fund further exploration at the Pearl Copper Project in Arizona, USA, including geochemistry, geological mapping, and drilling. A portion will also be allocated to assess potential acquisitions and for general working capital.

Shares issued will receive one unlisted option for every two shares, contingent upon shareholder approval at the November 2025 AGM, exercisable at $0.01 until December 19, 2027, according to the company.