Mining

Labyrinth Resources to raise $2M for gold exploration and development projects

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Labyrinth Resources (ASX:LRL) has released an entitlement offer booklet detailing a non-renounceable entitlement issue.

Eligible shareholders can subscribe for 1 new share for every 1.9813 shares held as of the Sept. 19 record date, at an issue price of $0.003 per new share.

This offer aims to raise up to $2 million before costs, and will close on Oct. 10.

Labyrinth Resources explains that the funds will be utilised for exploration at the Comet Vale and Vivien gold projects in Western Australia, as well as for tenement holding costs at the Labyrinth Gold Project in Quebec, Canada.

Additionally, proceeds will go toward corporate costs and general working capital.

Chairman Dean Hely expressed enthusiasm about the offer, stating, "On behalf of the Directors and management, I am pleased to invite you as a valued shareholder of Labyrinth Resources Limited to participate in this entitlement offer."

The offer is not underwritten and shareholders must make their own investment decisions based on consultation with their stockbroker, solicitor, accountant, or other professional adviser.

The company has highlighted that entitlements are non-renounceable and will not be tradeable on ASX or transferable.

Labyrinth Resources has advised shareholders to read the offer booklet carefully and understand the associated risks before making any investment decisions.

Labyrinth Resources is an Australia-based gold development and exploration company. The company is focused on sourcing, developing and managing gold assets into production with projects in Canada and Western Australia.

At the time of reporting, Labyrinth Resources’ share price was $0.014.

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