Pacgold raises $13M via share placement

·       Pacgold secured firm commitments to raise $13 million through a new two-tranche share placement.

·       The stock experienced a trading movement following the capital raising announcement.

·       Funds will support the production ramp-up at the White Dam Gold Project and advance near-mine exploration.

Pacgold (ASX:PGO) announced it has received firm commitments to issue approximately 86.67 million new ordinary shares to raise $13 million before costs.

The capital raise follows a recent high-grade gold and copper discovery at the White Dam North prospect.

"We are very pleased by the strong support for this placement to drive our next phase of growth," said Pacgold Managing Director Matthew Boyes.

Under the placement terms, 86,666,670 new shares are scheduled to be issued at a price of $0.15 per share.

Following the announcement, the Pacgold share price was down at $0.16.

The company states that the proceeds will fund production ramp-up activities and heap leach pad expansion designs.

Near-term operational milestones include receiving remaining assays from the White Dam North sulphide discovery and updating the Vertigo mineral resource estimate.