| SAU Security Purchase Plan Results | |
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Microsoft Word - 20141126 SAU SPP Result final.doc
27 November 2014
Company Announcements Office
ASX Limited
20 Bridge Street
SYDNEY NSW 2000
Dear Sir/Madam,
Southern Gold Limited (ASX: SAU) ("Southern Gold" or "Company") is pleased to announce that it has successfully completed a fundraising of $330,000 through its recent Security Purchase Plan (SPP) pursuant to the prospectus dated 28 October 2014.
The SPP was finalised yesterday with Southern Gold receiving valid acceptances for 36,666,644 New Shares at an offer price of $0.009 per share. In addition, shareholders who accepted the offer will receive one Free Option for every two New Shares that they have applied for, with 18,333,322 Free Options to be issued.
Southern Gold is on track to join the ranks of junior gold producers, with first production and cash-flow expected in 2015, following finalisation of the Mine Finance and Profit Share Agreement with Metals X earlier this month (ASX ann. 11 Nov 2014).
Funds raised under the SPP, in conjunction with the $500,000 loan provided by Metals X, will be directed toward completion of pre-development activities and final permitting approvals. Cash flows from the initial mining phase in 2015 will be used to underpin the Company's growth through drill testing near resource targets and establishing a foundation for the phase 2 development.
Southern Gold's Managing Director Nanette Anderson said "while short of the targeted $1.04m, this is a positive result given the current economic environment. With a 30% take up in terms of value, it demonstrates the strong interest and support from within our shareholder base."
The quotation of New Shares and Attaching Options will occur on 3 December 2014 with Holding
Statements for the New Shares and Free Options to be despatched shortly thereafter.
The Directors of Southern Gold would like to express their thanks for the support provided by participants in the capital raising.
Yours sincerely,
Dan Hill
Company Secretary
Southern Gold Limited
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Ground Floor, Unit 1
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PO Box 255
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email [email protected]
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telephone 08 8368 8888
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ABN 30 107 424 519
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229 Greenhill Road
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Kent Town
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web southerngold.com.au
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facsimile 08 8431 5619
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Dulwich SA 5065
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SA 5071
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Southern Gold Ltd
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PRODUCER |
CODE : SAU.AX |
ISIN : AU000000SAU3 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Southern Gold is a gold producing company based in Australia. Southern Gold holds various exploration projects in Australia and in Cambodia. Its main asset in production is CHALLENGER AREA in Australia and its main exploration properties are GOLF BORE, GRENFELL GOLDFIELD and BULONG SOUTH in Australia and CAMBODIA PROJECT in Cambodia. Southern Gold is listed in Australia. Its market capitalisation is AU$ 695 850 as of today (US$ 502 201, € 476 619). Its stock quote reached its highest recent level on October 23, 2015 at AU$ 5.18, and its lowest recent point on September 15, 2023 at AU$ 0.01. Southern Gold has 46 390 000 shares outstanding. |