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Perpetual Resources Ltd

Perpetual Resources raising funds at a premium

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Perpetual Resources (ASX:PEC) has agreed to issue 5 million shares at $0.05 per share to International Mining Supplies, raising $250,000 to progress gold exploration at the Wiagdon Thrust gold project in New South Wales.

This is a premium to the last traded price of $0.043.

Wiagdon Thrust is a joint venture with Oroya Mining (ASX:ORO) that contains 10 exploration licences within the Lachlan Fold Belt in New South Wales, 180 kilometres northwest of Sydney.

Perpetual has a 70% interest with Oroya 30%.

The area contains many historical alluvial and hard rock gold workings but there has been very little modern gold exploration.

Recorded production from the area and including the adjacent Hill End and Hargraves goldfields west of the project was 4.15 million ounces.

The company also has a carry free interest in the Atoz coal project in Sumatra, Indonesia, where it is entitled to receive a royalty of US$3 per tonne of coal sold from the project.

The company is lightly valued at under $3 million.

 

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Quick facts: Perpetual Resources Ltd

Price: $0.03

Market: ASX
Market Cap: $9.26 m
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