Siren Gold Limited (ASX: SNG), a New Zealand-focused gold exploration and development company, has announced it has secured firm commitments to raise $4 million through a placement to new and existing sophisticated and institutional investors. The company’s flagship asset, the Sams Creek Gold Project, hosts a JORC Mineral Resource Estimate (MRE) of 824,000 ounces of gold at a grade of 2.8 g/t Au, making it one of the country’s largest undeveloped gold deposits.
The placement will involve the issue of 80 million fully paid ordinary shares at $0.05 per share, along with one attaching option for every two shares subscribed, exercisable at $0.10 each and expiring on 17 May 2027. Evolution Capital Pty Ltd acted as Lead Manager for the Placement, with Prenzler Group as Co-Manager. The company will issue 45.74m Placement Shares under its existing Listing Rule 7.1 and 7.1A placement capacity (Tranche 1). Subject to shareholder approval, the Company will issue 34.26m Placement Shares (Tranche 2) and 40m attaching Options.
Siren Gold intends to allocate the funds raised, along with existing cash reserves, to several key activities. A significant portion will be directed towards resource infill and exploration drilling at the Sams Creek Gold Project, along with metallurgical and geotechnical test work. Funds will also be used for mapping and sampling at the Langdons and Queen Charlotte Antimony – Gold projects.
CEO Zane Padman stated the company was delighted by the support received. He also said this investment shows growing confidence in New Zealand’s resource sector. The company remains focused on delivering long-term value for shareholders and is committed to sustainable exploration and responsible development.