$45 million funding commitment for Gateway Mining's WA gold campaign
Gateway Mining secured $45 million in firm commitments to expand its Yandal project. Jupiter Asset Management invested $20 million as a leading backer.
Gateway Mining strengthened its financial position by securing $45 million in firm commitments for an exploration and resource-building campaign at its flagship Yandal gold project in Western Australia. The placement, led by JP Equity Partners, involves the issuance of 562.5 million new shares at eight cents each. This price represents a 16.7 percent discount to the last closing price and a 9.1 percent discount to the 15-day volume-weighted average price. Gateway will issue these shares without shareholder approval. Jupiter Asset Management committed $20 million, joining JP Equity Partners as a cornerstone backer. This fresh capital builds on an existing cash reserve of $15.1 million in liquid securities held at the end of June. Executive chairman Andrew Bray stated the funding supports drilling across a corridor defined by more than 13 kilometres of strike at Cowza, Celia South and Ward.
