Prodigy Gold capital raise to net $7.9M

• Prodigy Gold launched a fully underwritten $7.9 million capital raising via a non-renounceable entitlement offer.
• Existing shareholders can acquire one new share for every two held at $0.047 each, driving stock movements to match the offer price.
• Major shareholders backed the capital raise while securing strategic board appointment rights.

Prodigy Gold (ASX:PRX) has announced a fully underwritten entitlement offer to raise up to $7.9 million before expenses.

The offer allows eligible shareholders to subscribe for one new share for every two existing shares held as of the record date.

The company received binding commitments from major shareholders APAC Resources, Plutus Prospecting, and Jetosea to fully underwrite the raising.

Underwriters will receive a 2% fee and board nomination rights for maintaining a minimum 10% voting stake.

Following the announcement, the Prodigy Gold share price was down at $0.047.

The board added Daniel Broughton and Benjamin Lin as non-executive directors representing APAC Resources and Plutus Prospecting, respectively.

The Australian exploration company focuses on advancing its precious metals portfolio across the Tanami gold region.