Golden Deeps has raised $1.8 million through a fully subscribed placement, issuing 30,250,000 shares at 5.9 cents per share.
Subscribers will also receive a free attaching option exercisable at 10 cents, expiring on Oct. 31, 2029, subject to shareholder approval.
The funds will be utilised for further drilling at the company's Havilah Project in the Lachlan Fold Belt, New South Wales, a region known for significant copper and gold deposits.
The project area has already seen drilling results, including the intersection of extensive copper and zinc sulphide mineralisation.
Golden Deeps CEO, Jon Dugdale, expressed his satisfaction with the placement.
"We are very pleased to have received such strong support from investors for this $1.8 million placement. This new funding will allow us to carry out further drilling of key copper-zinc sulphide and gold targets on our Havilah Project," said Dugdale.
PAC Partners Securities and Peak Asset Management acted as joint lead managers for the placement.
The offering was completed under ASX Listing Rules 7.1 and 7.1A, and the company plans to seek shareholder approval for the new options at an upcoming extraordinary general meeting.
Golden Deeps also plans to extend drilling efforts to test additional targets in the Lachlan Fold Belt and copper-silver zones in Namibia, further bolstering their exploration portfolio.
Golden Deeps is a mineral exploration and investment company focused on the exploration and development of copper and vanadium projects in the Otavi Mountain Land copper district of Namibia, as well as advancing exploration of copper and gold projects in the Lachlan Fold Belt of New South Wales, Australia.
At the time of reporting, Golden Deeps’ share price was $0.063.