Perth, Australia – 25 October 2024 | Challenger Gold Limited (ASX:CEL) ("Challenger" or "the Company") is pleased to announce the successful completion of its Share Purchase Plan (SPP), which closed significantly oversubscribed on the 18th of October, 2024. The SPP raised A$4 million, exceeding the original target of A$1 million, with strong support from already existing shareholders.
Highlights:
-
A$4 Million Raised: The SPP was originally intended to raise up to A$1 million through the issue of 22,222,223 new shares at A$0.045 per share. Due to overwhelming demand, the Company accepted A$4 million, resulting in the issue of 88,888,675 new shares.
-
Oversubscription and Scale Back: The Company received total applications exceeding A$7.8 million. In compliance with ASX Listing Rules and the terms of the SPP, applications were scaled back on a pro-rata basis, with priority given to shareholders who demonstrated strong support.
-
Capital Allocation: The funds raised will be directed towards the development of the Hualilan Gold Project, including the Toll Milling of high-grade ore.
Next Steps:
The new shares under the SPP will be allotted today, 25 October 2024. Any surplus funds from the application will be refunded to shareholders.
For further information, please contact:
Kris Knauer
Managing Director
kris.knauer@challengerex.com
Jane Morgan
Investor & Media Relations
jm@janemorganmanagement.com.au
About us:
About Challenger Gold Limited:
Challenger Gold Limited is an Australia-based gold and copper exploration company. The Company’s projects include the Hualilan project, El Guayabo project, and Karoo Basin Gas project. The Hualilan project consists of 15 mining leases and an exploration licence application covering the surrounding area of approximately 26 square kilometres (km2). The Hualilan Project is located approximately 120 kilometres (km) north-northwest of San Juan, the capital of San Juan Province in north-western Argentina. The El Guayabo Gold/Copper project is located within the El Oro Province of southern Ecuador, approximately 35 Kilometres south southeast of Machala. The El Guayabo project comprises four contiguous tenement groups, the El Guaybo, El Guaybo 2, Cerro Pelado 1, 2, and 3 tenements, and Colorado V tenement. The Karoo Basin Gas project includes application for the Cranemere project, a shale gas prospect located in the Eastern Cape Province. The application covers approximately 3,500km2.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au
