Doray raises $25M

DORAY Minerals has raised A$25 million via a 28c placement to accelerate development of its emerging Deflector copper-gold operation and retire some of its debts.

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The two-tranche placement was organised by Petra Capital and requires shareholder approvals for almost half of the 80 million shares that will be offered to institutional and sophisticated investors at a 12.5% discount to the last close of 32c and a 6.7% discount to the five-day average price of 30c.

Once in Doray’s coffers the cash will be used to pay down debts, drill out the Da Vinci resource and potentially complete capital development for underground access, and explore for additional discoveries close to the Deflector mine.

The company is driving through the dyke out to the Da Vinci, and has recently reported some spectacular intercepts at Da Vinci of 11m at 56.3 grams per tonne and 0.9% copper including 2m at 260gpt gold and 3.3% copper.

Doray said the placem...