Dreadnought Resources (ASX:DRE) secured a two-tranche placement to raise AU$8.5 million, with plans to raise up to AU$1.5 million through a share purchase plan, according to a Friday filing with the Australian bourse.
The company completed tranche one of the placement, raising AU$6.1 million to advance the Find More Gold, Faster strategy and transition to a self-funded explorer, the filing said.
A general meeting is scheduled for May to obtain shareholder approval for finalizing tranche two of the placement, aiming to secure an additional AU$2.4 million, per the filing.
Shares were down 8% in midday trade Monday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.