Alicanto Minerals raises $30M to drill Mt Henry Project
Alicanto Minerals (ASX:AQI), which is soon to be renamed "Sinclair Gold", has secured firm commitments for a $30 million institutional placement.
The capital raising initiative received overwhelming support from both existing shareholders and a suite of global resource-focused institutional investors.
Upon completion, the capital injection will significantly bolster the company’s financial position, elevating its pro forma cash balance to approximately $41 million before transaction costs.
The freshly secured funds are earmarked to accelerate an aggressive, resource-growth drilling campaign at the company’s flagship Mt Henry Gold Project in Western Australia.
The project currently boasts a substantial 915,000-ounce gold resource. In a move to rapidly ramp up operations, Alicanto has already deployed a fourth drilling rig to the site.
This expanded drilling fleet is focusing on extending known mineralisation along strike and at depth whilst simultaneously testing high-priority regional exploration targets within a promising 16-kilometre corridor.
Alicanto CEO, Jeff Sansom, expressed immense satisfaction with the strong investor demand, noting that the level of support underscores the massive scale and growth potential of the Mt Henry project.
Management anticipates that the ongoing drilling blitz will culminate in a comprehensive mineral resource update, which is scheduled for delivery in the December quarter.
