Explorer Southern Cross Gold was out with a $10 million institutional placement to fund working capital needs, joint venture expenditure at its Victorian projects Whroo and Redcastle, and exploration at its other Victorian project, Sunday Creek.
Bids were due 3pm on Monday, and Southern Cross Gold would have a $100.6 million market capitalisation after the raise on an undiluted basis. The entitlement offer was on a one-for-9.8 pro-rata non-renounceable basis. It was priced at 5.9¢, a 14.5 per cent discount to the last close and 25.5 per cent lower than the three-month volume weighted average price.
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