Falcon Metals Limited (ASX:FAL), a mineral exploration company focused on high-grade goldfields in Victoria, Australia, has announced a successful placement to raise A$20.0 million before costs. The placement, priced at A$0.57 per share, was led by high-quality institutions including North American, European, and Australian funds. Applications for the placement significantly exceeded the funds sought, demonstrating strong investor confidence in Falcon Metals’ exploration strategy and the potential of its Blue Moon project.
According to the company, the funds raised will be used to significantly accelerate exploration activities at the 100%-owned Blue Moon Prospect, located north of the historical 22 Moz Bendigo Goldfield. Falcon Metals is planning an extensive 30,000-meter diamond drilling program to further explore the high-grade gold potential at Blue Moon. The placement will result in the issue of 35,087,720 new shares, utilising the company’s existing capacity under ASX Listing Rules 7.1 and 7.1A.
Falcon Metals Managing Director, Tim Markwell, expressed his enthusiasm for the placement, stating it reflects the growing excitement surrounding the high-grade gold results at Blue Moon. With more than A$27.8 million in pro forma cash, the company believes it is well-positioned to unlock value through targeted diamond drilling. Markwell also welcomed new shareholders to the register and thanked existing shareholders for their continued support.
The settlement of the New Shares issued under the Placement is expected on Thursday, 21 August 2025, with allotment and quotation scheduled for the following day. Canaccord Genuity, Bell Potter Securities, and Morgans Corporate acted as Joint Lead Managers to the Placement, with Salient Corporate serving as Corporate Adviser.