Mutiny Gold is a exploration and development company that focuses on gold, copper and nickel tenements in Western Australia. The company completed a capital raising for funds to drill at the Deflector Gold Deposit located in the Gullewa Gold Project.
The Gullewa Project is located 450 km north of Perth, 160 km east of Geraldton and 300 km south west of ATW's 100% owned Bumakura Gold Mine in the Yilgam goldfields of Western Australia.
They highly oversubscribed share sale generated Australian $9.7 million for 101 million ordinary shares priced at $0.096 each. This concludes the first phase of fund raising announced by the company on 28 April 2011. The funds will also be used to accelerate the acquisition of the Gullewa Gold Project. The next payment of $4 million for which is due on 24 August 2011.
Managing Director of Mutiny Gold, John Greeve said, "We were delighted by the tremendous support for the capital raising which saw the bookbuild heavily oversubscribed. We wish to thank Hartleys Limited in Perth which arranged the raising as well as the other brokers who made the capital raising such a success."
He added that the financing, coming on the back of their announcement that they were proposing to double their annual production rate at Deflector, confirms that Mutiny Gold is serious about its stated intention of becoming a significant, profitable, low cost gold producer in the very near future.
The company has plans of beginning open pit mining operations at the Deflector Deposit in 2012, which will then be followed by underground mining .