Adelong Gold (ASX:ADG) raised AU$1.2 million via the placing of 279.5 million shares at AU$0.0042 apiece, according to a Friday Australian bourse filing.
The placement offer includes a 1:2 free attaching option under the existing listed option class, ADGOA, with an exercise price of $0.008 and an expiry date of May 1, 2029, subject to shareholder approval, the filing said.
The company said its Chairman, Mena Habib, will participate in the placement for AU$25,000.
Funds raised will be used for exploration drilling and development of the Adelong gold project, as well as general working capital.
GBA Capital was the lead manager for the capital raise.
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