Boadicea is entering an exciting time in the company’s history with exploration to begin in earnest in some of Australia’s hottest exploration ground.

Boadicea Managing Director Jon Reynolds tells Stockhead in an interview, it is now time for Boadicea to explore and discover.

Boadicea is currently undertaken a capital raising of $2.98 million. This is the latest activity the company is undertaking to increase the company’s funds and create greater shareholder wealth through heightened exploration activity.

On Tuesday 18 May Boadicea announced its intention to raise $2.98m through a fully underwritten rights issue to accelerate prospective exploration projects as well as allow the company to advance potential business development and growth opportunities.

In an interview with Stockhead, Jon Reynolds says: “I would like to mention our continued focus of looking after our existing shareholder with the 1 for 5 pro rata renounceable rights issue is priced at 24c per share, which represents a 17.6 per cent discount to the 30-day  volume-weighted average price of the company’s shares.”

The share offer and capital raising is further strengthened with Boadicea Resources adding one free option to each share exercisable at 42c each and expiring within three years.

The capital raising is managed and underwritten by Peak Asset Management.

Funds raised to go into exploration

Jon Reynolds says, the company has transformed itself over the past 12 months with the addition of two new world class exploration regions.

“Most notably of these is the Koongulla Project in the Paterson Province.  We will focus our exploration efforts on Koongulla exploring for copper/gold, where our work has identified a relatively shallow dome feature with some initial similarities to the 30Moz Telfer Dome gold deposit. “

Dome structures are a primary source of mineralisation concentration in the Paterson Province. The Koongulla Dome has been identified at about the same dimensions as Telfer and geophysical analysis of the structure shows it to be located under 200m to 250m of cover.

The Paterson Province remains one of the hottest regions in Australia with both Rio Tinto and Newcrest significant capital in developing potentially world class mines with Winu and Havieron respectively.

“We are also planning to advance the Clarke Reward project in the Drummond Basin of Queensland.  This is an untested mag anomaly approximately 20km to the west of the Mt Coolon gold mine.

“Also we can’t forget our two Fraser Range licences that we manage.  We plan to work on some EM geophysics during the following quarter.

“All of these projects are very exciting and have the potential to deliver significant rewards to the company and shareholders.

Timing of the capital raise

The capital raise prospectus was issued on Tuesday and the rights start trading today (Wednesday 20 May). They will trade until 4 June.

Jon Reynolds says: “I encourage all Boadicea shareholders to read the prospectus, go to our website and there is all the relevant documentation and some Q&A documentation to assist in the process.

“Also, our share registry, Automic, will have additional information which can be accessed by logging into the Automic website.  If a shareholder has any further questions they can send to me via the contact details on the Boadicea website.”

The quotation of the additional shares and options under the offer will be 22 June 2021.