Boadicea capital raise banks $3.7 million for exploration

Boadicea Resources has just completed a very successful capital raising through a rights issue.

Managing Director Jon Reynolds says it was an exceptionally good process with lead manager Peak Asset Management, raising $2.98 million. The issue was fully allocated with 53% of existing shareholders taking up their entitlement.

A total of 46.5% was placed by Peak Asset Managed and the capital raise was significantly oversubscribed.

Peak Asset Management fully underwrote the capital raise.

“It was a great partnership and we’re pleased with the outcome.

“It shows there is strong support for our story and company profile,” Jon Reynolds says.

“The capital raise will deliver $3.7 million into our account to move forward on company activities and grow our existing assets.”

Boadicea’s key project is Koongulla and likely to be a news generator for the company. It has a Telfer look-alike dome and will be the company’s key exploration focus in the next 6-12 months.

Jon Reynolds says Clarke Reward has been underplayed because of the attractiveness of Koongulla.

“Clarke Reward is an untested mag anomaly in gold terrain. We are looking forward to actively exploring this project.

“The funding we have raised is going into inground exploration starting with some geophysics and then drilling.” Jon Reynolds says.