Spitfire gets drill funding

THE ‘new’ Spitfire Materials has immediately raised cash to carry out the drilling needed to underpin its gold project development ambitions near Kalgoorlie.

Spitfire gets drill funding Spitfire gets drill funding Spitfire gets drill funding Spitfire gets drill funding Spitfire gets drill funding

Spitfire raised A$5.33 million equity in a placement that was promoted, as is standard in the sector, as being “heavily oversubscribed”.

The new shares were priced at 10c each, a level below which the stock has been trading for much of the past nine months. 

The raising was said to be supported by undisclosed “strategic international and domestic high net worth investors”.

Spitfire completed its merger with Aphrodite Gold earlier this month, with the latter’s namesake project 65km north of Kalgoorlie and Spitfire’s Mulwarrie project a further 90km north, the destination of the drill rigs.

Spitfire aims to develop a gold operation that’ll feature a mill at Aphrodite, open ...