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Southern Gold Ltd

Southern Gold receives more than 28.6 million new share applications in oversubscribed rights issue

The rights issue was oversubscribed thus no shares will be required to be taken by the underwriters.

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Maiden diamond drilling will begin as soon as possible

Southern Gold Limited (ASX:SAU) has received applications for a total of 28,639,444 new shares in its one-for-three fully underwritten non-renounceable rights issue which closed July 18.

Applications received comprised 11,894794 shareholder entitlements and 16,744,650 shortfall shares.

 

Southern Gold directors will apply a scale-back for the 7,783,320 oversubscribed shortfall offer for new shares, in accordance with the allocation policy outlined in the prospectus.

Shortfall shares, subject to a scale-back, will be issued on the same date the company issues and allots the entitlement applications.

READ: Southern Gold discovers new prospect with 53.9 g/t gold and 6,240 g/t silver

Southern Gold recently discovered two high-grade gold and silver outcrops within 500 metres of each other, collectively referred to as the Golden Surprise Trend, at its 100%-owned Deokon Project in South Korea.

Assay results from samples taken from both zones returned grades of up to 53.9 g/t gold and 6,240 g/t silver.

The sampling program collected 112 new samples with results highlighting multiple untested vein systems in addition to historical mine workings.

The project has good potential to host a high-quality gold-silver epithermal mineralisation system with multiple vein zone targets identified across several square kilometres of project area.

Quick facts: Southern Gold Ltd

Price: $0.17

Market: ASX
Market Cap: $14.18 m
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