Adyton Resources has expanded its liquidity through two separate finance placements, bringing in a total of $C20 million (61 million kina).
The company completed its previously-announced brokered private placement, collecting $C14 million (42.75 million kina) from the oversubscribed sale of 35 million units.
The units, priced at $C0.40 each, consisted of one common share in the company, and one common share purchase warrant, allowing an extra share to be for $C0.60 at any time in the next two years.
Concurrent with the offering, Adyton also completed a non-brokered private placement of 15 million units in the company for aggregate gross proceeds of $C6 million (18 million kina). These non-brokered units had the same terms as the brokered placement, and were offered to Adyton directors and Papua New Guinea (PNG) locals to participate in the company’s financing.
Adyton has a highly-prospective mineral exploration portfolio in PNG, including the Feni Island gold project and the Fergusson Island gold project.
Feni Island has outlined an initial inferred mineral resource of 60.4 million tonnes at an average grade of 0.75 grams per tonne of gold, for contained gold of 1.46 million ounces.
While exploration continues, the Fergusson Island project has an indicated mineral resource of 4 million tonnes at an average grade of 1.33 grams per tonne gold. This translates to contained gold of 540,000 ounces for this project alone.
Across the portfolio, Adyton has a total mineral resource estimate inventory of 173,000 ounces gold and inferred resources of 2 million ounces gold.
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