PC Gold Ltd (ASX:PC2) Successfully Completes A$24m Placement
Highlighgts:
- Firm commitments received to raise ~A$24 million (before costs) via a single-tranche placement to leading international and domestic long-only institutional investors.
- Tier 1 institutional investors taking a majority of the raise including a cornerstone investment of A$5.0 million from the Mining Finance division of Macquarie Bank Limited as a new shareholder and leading resource focused institutional investor.
- Funds will be used to accelerate infill and extension drilling to grow and upgrade the Spring Hill Mineral Resource, from both surface and underground.
- 7 million share (~A$4.6 million) selldown by longstanding major shareholder RIVI Capital, supporting the Placement while maintaining a significant ongoing shareholding.
- PC Gold will be well-funded with a pro-forma cash position of ~A$32 million following completion of the Placement1
Overview:
PC Gold Limited (ASX: PC2) announced that it has received binding commitments from a group of Tier 1 institutional investors to raise ~A$24 million (before costs) via a single-tranche placement (Placement) of ~36.8 million new fully paid ordinary shares in the Company (New Shares) at an issue price of A$0.65 per New Share.
The Placement was driven by strong demand from leading, high-quality local and offshore institutional investors and was also supported by its existing substantial institutional shareholders. PC Gold’s share register remains well-positioned with a broad range of long-only institutional and high net worth shareholders who have demonstrated their support for the Company’s strategy of aggressive exploration and project development.
Use of Funds and Placement Details
The Placement proceeds, along with existing cash reserves are intended to be applied towards:
- Exploration and resource definition drilling ~30,000m;
- Refurbishment and extension of the underground Adit and 15,000m UG drilling;
- Environmental bond for early works;
- Spring Hill feasibility study;
- Grade control drilling; and
- General working capital.
The activities include all of the activities contemplated, but not yet completed that were set out in our IPO Prospectus last year. The Placement Offer Price of $0.65 represents a 9.7% discount to the last closing share price, and a premium of 19.4% to the 15 day VWAP.
The Placement is being undertaken on an unconditional basis, with 27,403,096 New Shares being issued utilising the Company’s placement capacity under ASX Listing Rule 7.1A, and the
remaining 9,443,058 New Shares being issued using the Company’s placement capacity under ASX Listing Rule 7.1.
Settlement of the Placement is expected to occur on 13 February 2026, with the New Shares expected to commence quotation on 16 February 2026.
Wallabi Group Pty Ltd, Euroz Hartleys Limited and Canaccord Genuity (Australia) Limited acted as Joint Lead Managers and Joint Bookrunners to the Placement.
Company Notes:
PC Gold’s Executive Chair, Ashley Pattison commented:
“This capital raising is a great vote of confidence in PC Gold and the team as we continue to move the project toward a development decision this year. The raise positions the company to significantly increase activity at Spring Hill, following recent drilling success across multiple parts of the project
The strong cornerstone support from domestic and offshore institutional investors, together with our existing large institutional and high net worth shareholders, is a clear endorsement of our recent results and the exploration potential that remains across our 31km2 Mining Licence. Spring Hill is rapidly shaping up as one of the most exciting
gold stories in the Northern Territory and on the ASX.
As we move into the next chapter for the Company, I’d like to thank our existing
shareholders for their continued support and welcome our new shareholders to
the register.”
Full ASX Announcement: PC Gold Ltd ASX Announcement