Fin Resources (ASX:FIN) has raised $3.8 million through a heavily oversubscribed equity placement to fund an aggressive exploration blitz at its newly acquired Cabin Lake Gold Project in Canada’s Northwest Territories.
The capital injection, achieved through the issuance of approximately 375 million new shares at $0.01 each, ensures the company is fully funded for its highly anticipated 1,500m maiden diamond drilling program, scheduled to commence in early March.
The placement saw robust demand from sophisticated and professional investors, with Euroz Hartleys acting as the sole lead manager.
The primary objective of the upcoming campaign is to test shallow, high-grade gold targets within the 15km mineralised Bugow Iron Formation corridor.
The region remains largely untested by modern drilling techniques despite historical data revealing exceptional intercepts, such as 31.4m at 15.2 g/t Au.
At the time of reporting, Fin Resources’ share price was $0.012.