Breaker Resources has raised $10 million through a share placement to continue exploration at the Lake Roe gold project near Kalgoorlie in Western Australia.
The Perth-based junior said it has received commitments for a share placement to raise the funds, which would be used to advance an aggressive drilling campaign at Lake Roe.
According to Breaker, the shares will be issued at 70 cents each, a 7.5 per cent discount on the company’s volume weighted average price (VWAP) over the five days prior to August 23.
The drilling campaign involves three reverse circulation and one diamond drill rig at Lake Roe. Breaker is targeting a maiden JORC resource at Lake Roe by the end of this year.
“The company has been drilling continuously at Lake Roe with three rigs since January 2017, with a fourth rig commencing on 7 August 2017,” Breaker executive chairman Tom Sanders said.
Breaker’s exploration activities have focused on the Bombora discovery area, which forms part of an 8km greenfields gold system where it has completed more than 96,000m of drilling since mid-2015.
The company’s market value on the ASX has peaked above $100 million this year, driven primarily by the greenfields discovery under thin cover 100km east of Kalgoorlie.