BMG Resources (ASX:BMG) announced a strategic milestone, securing $2.5 million through a share placement at $0.021 per share.
The capital raise was driven by strong unsolicited demand, headlined by a cornerstone commitment from the globally recognised Tribeca Investment Partners, alongside support from European strategic investors and S3 Consortium.
The influx of capital arrives at a pivotal moment, as the company prepares to aggressively expand its footprint in Western Australia’s gold sector.
The primary objective of this funding is an upsized 10,000m drill program at the company’s flagship Abercromby Project.
The goal is to build upon a maiden mineral resource estimate of 11.12Mt @ 1.45 g/t Au for 518,000oz of gold.
Funds are also earmarked for drilling at the Bullabulling Project, located in a prime neighborhood adjacent to the 4.5Moz Bullabulling Gold Mine.