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Kalamazoo Resources Ltd. ( (AU:KZR) ) just unveiled an update.
Kalamazoo Resources has raised A$4.1 million through an oversubscribed share purchase plan (SPP), after receiving applications totaling about A$8.6 million against a A$2.0 million target and electing to accept A$2.1 million in oversubscriptions. Together with a recently completed A$8.0 million placement at the same issue price of A$0.17 per share, the company has secured A$12.1 million before costs to fund resource delineation and exploration drilling at its Ashburton Gold Project, advance the Mt Olympus pre-feasibility study, support broader exploration activities and bolster working capital. Management said the strong demand, which saw around 21% of shareholders participate and necessitated application scale-backs, underscores investor confidence in fast-tracking the 1.44Moz Ashburton project through an ongoing 2,600m diamond drilling campaign targeting extensions beneath the Mt Olympus open pit, with the new funding enabling expansion of drilling programs via additional rigs on site.
The most recent analyst rating on (AU:KZR) stock is a Hold with a A$0.20 price target. To see the full list of analyst forecasts on Kalamazoo Resources Ltd. stock, see the AU:KZR Stock Forecast page.
More about Kalamazoo Resources Ltd.
Kalamazoo Resources Limited (ASX: KZR) is an Australian-listed exploration company focused on high-quality gold and base metals projects across the Central Victorian Goldfields and Western Australia’s Pilbara and Murchison regions. It owns the 1.44-million-ounce Ashburton Gold Project in the Pilbara and is actively exploring the Mallina West Project near Northern Star’s Hemi discovery, as well as several gold projects in Victoria including Castlemaine, South Muckleford, Myrtle, Tarnagulla and Mt Piper, located near the Fosterville gold mine.
Average Trading Volume: 856,177
Technical Sentiment Signal: Buy
Current Market Cap: A$59.21M
Find detailed analytics on KZR stock on TipRanks’ Stock Analysis page.