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The latest update is out from Laneway Resources Ltd. ( (AU:SVG) ).
Savannah Goldfields has raised $3.5 million through a $1.5 million equity placement at a premium to its recent share price and a $2 million sale of tiered gross revenue royalties over its Agate Creek and Georgetown tenements. The financing, led in part by strategic investor DGR Global, is structured to provide both immediate liquidity and non-dilutive capital while preserving long-term upside for existing shareholders.
The funds, alongside existing operating cash flow, will support the planned restart of mining at Agate Creek once approvals are in place, continued ramp-up of gold production, and targeted exploration to grow resources across the company’s project areas. Proceeds will also be used to reduce senior secured debt and historical creditor balances, strengthening Savannah’s balance sheet and underpinning its near-term operational and growth strategy in Queensland gold mining.
More about Laneway Resources Ltd.
Savannah Goldfields Limited is an Australian gold mining and exploration company focused on Far North Queensland, where it owns the Agate Creek gold mine and Georgetown project tenements. The company is engaged in restarting and ramping up gold production while pursuing targeted drilling to expand its oxide resources and project extensions.
Average Trading Volume: 2,773,751
Technical Sentiment Signal: Sell
Current Market Cap: A$23.56M
For detailed information about SVG stock, go to TipRanks’ Stock Analysis page.