Benz Mining Secures AU$75 Million Through Placement; Shares Fall 5%

MT Newswires Live

01/29

Benz Mining (ASX:BNZ) has successfully raised AU$75 million through a placement of 32.3 million chess depositary interests (CDIs), priced at AU$2.32 each, matching the five-day volume-weighted average price, according to a Thursday Australian bourse filing.

The proceeds will be used to advance exploration across the company's gold portfolio, primarily to accelerate drilling and resource growth at the wholly owned Glenburgh gold project, along with follow-up work at Egerton and associated technical, permitting, and corporate costs, the filing said.

The CDIs are expected to settle on Feb. 5 and begin trading on Feb. 6, ranking equally with the company's existing CDIs, the filing added.

The company's shares fell 5% in recent Thursday trade.

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