Australian Gold and Copper Ltd (ASX:AGC) MD Glen Diemar speaks with Proactive following news of the company’s $10.1 million investment from Hong Kong-based Delin Mining Group Cooperation Ltd. The share placement will result in Delin holding a 55% interest in AGC once completed. The transaction, which requires shareholder approval, will give AGC the funds to continue its search for gold and copper in the Cobar Basin of New South Wales, which is host to the high-grade CSA copper mine. A maiden drill program to test the high-priority Hilltop Target has been approved to commence as soon as the placement is completed.
“In the current climate where the cost of capital is high, this investment represents exceptional value for all our shareholders,” AGC chairman David Richardson said.
“The significant premium to market price is clear evidence of the attractiveness of the drill-ready targets in our South Cobar Project.
“We look forward to this transformational strategic investment and welcome Delin as a new major shareholder.”
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