Sentinel Metals raises $15M for acquisition

• Sentinel Metals has secured firm commitments to raise $15 million through an institutional share placement.
• The capital raising fulfils a mandatory condition required to proceed with an international gold project acquisition.
• Proceeds will fund the cash consideration for the acquisition and subsequent exploration activities in the United States.

Sentinel Metals (ASX:SNM) secured $15 million through a share placement to fund a gold project acquisition in the USA.

The placement satisfies a critical condition precedent after the company executed a binding acquisition agreement on July 2.

"We are delighted with the strong support received for the placement," said Sentinel Metals Managing Director Matt Herbert.

New ordinary shares will be issued at $0.58 each, with Capricorn Metals (ASX:CMM) subscribing for $3 million of the total.

Following the announcement, the Sentinel Metals share price was unchanged at $0.62.

The company stated that proceeds will also fund exploration at the Columbia Gold-Silver Project in Montana.

Shareholders will vote on the proposed securities placement at a general meeting scheduled for late August.