Egan Street raises $12M

EGAN Street Resources has confirmed A$11.9 million in funding through the exercise of options from existing shareholders and through an oversubscribed underwriting agreement for any shortfall.

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The company said it would be able to continue its momentum at the Rothsay project in Western Australia where it expects to deliver both an updated resource estimate and definitive feasibility next quarter.

The underwriting agreement covers some $6.9 million of options, and together with firm commitments has raised the almost $12 million.

The junior said it was “very pleased” with the strong levels of interest shown by both new institutional and sophisticated investors and existing shareholders.

Patersons Securities and Taylor Collison helped organise the capital raising, which was backed by major shareholder Lion Selection Group.

“This is a fantastic result for Egan Street which ensures that we are now fully-funded through to a decision to mine at Rothsay, put...