Sierra Nevada Gold (SNX), an ASX-listed company actively engaged in the exploration and acquisition of precious and base metal projects in Nevada, USA, has successfully completed a A$9.65 million placement. The placement, priced at A$0.03 per share/CDI, attracted strong support from existing and new shareholders, including commitments of A$450,000 from board and management.
The company intends to allocate the proceeds towards funding drilling and exploration programs at its Warrior, New Pass, and Blackhawk projects. Additionally, the funds will support ongoing business development activities in Saudi Arabia and provide general working capital. SNX’s Chief Geologist and Executive Director, Brett Butlin, has significant experience, knowledge and success, specifically with the Jabal Sayid Copper deposit.
In addition to the successful placement, Sierra Nevada Gold has appointed Simon Lill, the former Chairman of De Grey Mining, as its Non-Executive Chairman. During his tenure at De Grey Mining, Mr. Lill oversaw the discovery of the 11.2Moz Hemi Gold Deposit in WA’s Pilbara. Current Executive Chairman Peter Moore will transition to the role of Executive Director.
The placement involved the issue of approximately 321.7 million new fully paid ordinary CDIs in two tranches, subject to shareholder approval for the second tranche at an Extraordinary General Meeting expected in November 2025. Foster Stockbroking Pty Ltd and Taylor Collison Limited acted as Joint Lead Managers for the placement.
