Adyton Resources announces private placement in Papua New Guinea
- Adyton Resources Corporation plans to issue up to 53 million common shares at C$0.13 each, raising up to C$6.89 million.
- The funds will primarily support exploration activities on Feni Island and general corporate purposes, pending regulatory approvals.
- This financing initiative is essential for Adyton to enhance its exploration capabilities and capitalize on its mineral resources.
In Papua New Guinea, Adyton Resources Corporation announced a non-brokered private placement on September 30, 2024. The company plans to issue up to 53 million common shares at a price of C$0.13 per share, aiming to raise up to C$6.89 million. The funds will primarily support exploration activities on Feni Island, alongside working capital and general corporate purposes. The financing is contingent upon receiving necessary regulatory approvals, including from the TSX Venture Exchange. Shares will be subject to a four-month resale restriction and additional contractual restrictions over the following 15 months. Adyton Resources holds a portfolio of mineral exploration projects in Papua New Guinea, focusing on expanding its gold and copper resources. The company has reported significant mineral resources, including 173,000 ounces of indicated gold and 2 million ounces of inferred gold across its projects. The Feni Island Project, in particular, has an inferred mineral resource of 1.46 million ounces of gold, while the Fergusson Island Project has indicated and inferred resources totaling 713,000 ounces of gold. The announcement reflects Adyton's commitment to advancing its exploration initiatives and enhancing its resource base. The company is strategically positioned to leverage its projects in a region known for its mineral wealth. As it moves forward with the financing, the company aims to bolster its operational capabilities and explore further opportunities in the mining sector. Overall, this financing initiative is a crucial step for Adyton Resources as it seeks to capitalize on its exploration potential and navigate the complexities of the mining industry in Papua New Guinea.