{"id":8807,"date":"2024-04-26T01:02:31","date_gmt":"2024-04-26T01:02:31","guid":{"rendered":"https:\/\/economicherald.net\/?p=8807"},"modified":"2024-04-26T01:02:31","modified_gmt":"2024-04-26T01:02:31","slug":"investors-tip-8m-into-geopacific-resources-coffers","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=8807","title":{"rendered":"Investors tip $8m into Geopacific Resources coffers"},"content":{"rendered":"<p>Special Report: Geopacific Resources has raised $8 million in a placement to unlock value and grow resources at the 1.56Moz Woodlark gold project.<\/p>\n<p>New investor Jingtao Chi has cornerstoned the two-tranche deal alongside existing <a href=\"https:\/\/stockhead.com.au\/?s=gpr\">Geopacific Resources<\/a> (ASX:GPR) shareholder Deutsche Balaton.<\/p>\n<p>The funding will be used to update the feasibility study, due for release in mid-CY2024, following recent exploration highlighting high-priority target areas with <a href=\"https:\/\/stockhead.com.au\/resources\/geopacific-sees-more-scope-to-spread-wings-at-woodlark-gold-project\/\">strong potential to bolster the existing resource<\/a>.<strong>\u00a0<\/strong><\/p>\n<p>The company also plans to pay down $3 million of existing bonds.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Woodlark poised to take off<\/strong><\/h2>\n<p>The Woodlark project covers 529sqkm of highly prospective Woodlark Island, where Geopacific is the only explorer\/miner.<\/p>\n<p>The style of gold mineralisation at Woodlark is usually associated with\u00a0<a href=\"blank\"><strong>large scale porphyry copper-gold deposits<\/strong><\/a>.<\/p>\n<p>With key licences already in place and plant engineering more than 90%\u00a0complete, Geopacific has also been capturing new data, and digitising historic data, to support the key elements of a targeted exploration process.<\/p>\n<p>Numerous near-surface intercepts from Great Northern that support a potentially higher resource grade include 20m at 4.39 grams per tonne (g\/t) of gold from 40m and 18m at 4.40g\/t gold from only 22m.<\/p>\n<p>Highlights from Wayai Creek include 5 m at a whopping 16.69g\/t gold from 14m and 8m at 2.63g\/t gold from 16m.<\/p>\n<p>GPR has also uncovered a large, mineralised surface spanning up to 1km at Little MacKenzie, strategically positioned along the Woodlark King Mining area\u2019s strike.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>\u2018A strong endorsement\u2019<\/strong><\/h2>\n<p>German private equity investment firm Deutsche Balaton is participating in the $8m placement to maintain its 37.2% holding in GPR while Chi will hold a 19.99% stake in Geopacific after completion of Tranche 2.<\/p>\n<p>Chi is the chairman of XXRT Power Investment Company which provides, among other things, engineering solutions to the rapidly growing EV industry in China.<\/p>\n<p>With Chi\u2019s support and network GPR aims to develop strategic partnerships with the aim of becoming the next major PNG gold miner.<\/p>\n<p><strong>\u201c<\/strong>The support from a new strategic investor and existing major shareholder is a strong endorsement of the underlying value of the Woodlark gold project, and a testament to recent work completed to de-risk and advance its development,\u201d Geopacific CEO James Fox says.<\/p>\n<p>\u201cHaving recently identified numerous highly prospective gold targets, with key project approvals already in place, and scope for resource inventory growth, we believe there is a clear pathway for significant shareholder value creation.<\/p>\n<p>\u201cWe will advance these prospects, and work towards delivering an updated feasibility mid-year to reflect the project de-risking outcomes, increased resource inventory, and the strong gold price environment.\u201d<\/p>\n<p>\u00a0<\/p>\n<h2><strong>How the placement works<\/strong><\/h2>\n<p>Tranche 1 comprises 90.3 million shares to raise approximately $1.9 million, with an allotment date of 10 May.<\/p>\n<p>The second tranche of 293.1 million shares to raise approximately $6.2 million is subject to shareholder and other regulatory approvals. GPR will hold an Extraordinary General Meeting on or around June 4, followed by a scheduled allotment date for tranche 2 on 10 June.<\/p>\n<p>The issue price of 2.1c per share represents a discount of 22.2% to the last close and an 8.6% discount to the 30-day volume weighted average price.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Geopacific Resources, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/investors-tip-8m-into-geopacific-resources-coffers\/\">Investors tip $8m into Geopacific Resources coffers<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Special Report: Geopacific Resources has raised $8 million in a placement to unlock value and grow resources at the 1.56Moz Woodlark gold project. New investor <a href=\"https:\/\/economicherald.net\/?p=8807\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":8808,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investors tip $8m into Geopacific Resources coffers - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=8807\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investors tip $8m into Geopacific Resources coffers - Economic Herald\" \/>\n<meta property=\"og:description\" content=\"Special Report: Geopacific Resources has raised $8 million in a placement to unlock value and grow resources at the 1.56Moz Woodlark gold project. 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