AGC secures A$11.0 million placement funding

Australian Gold and Copper Ltd (ASX: $AGC) has received firm commitments for a placement to raise A$11.0 million at A$0.32 per new fully paid ordinary share. The funds will be used for the Company's portfolio of exploration assets including the South Cobar Project and for general working capital. Delin has committed to participate in the Placement to maintain its current 55.0% shareholding, subject to shareholder approval. AGC will have a pro forma cash position of ~A$21.0 million on completion of the Placement (before issue costs).

AGC Managing Director's commentary on the successful placement

We are pleased with the interest received and welcome our new shareholders. This capital raising has strengthened our register at such an exciting time in AGC's discovery timeline. The Company is very well funded to further develop our recent discovery at Achilles. We look forward to receiving assays from the outstanding 6 RC holes and commencing our planned exploration program to expand this already significant discovery.

Summary of AGC's $11 million placement funding

Australian Gold and Copper Ltd (ASX: $AGC) has successfully secured firm commitments for a placement to raise A$11.0 million at A$0.32 per new fully paid ordinary share. The funds will be utilized for the Company's portfolio of exploration assets including acceleration of drilling at the Achilles discovery at the South Cobar Project and for general working capital. The participation of existing shareholder Delin Mining Group Cooperation Limited further demonstrates confidence in AGC's projects. The issue price of A$0.32 per New Share represents a 22.9% discount to the last closing price of the Company's shares on 27 May 2024. With a pro forma cash position of ~A$21.0 million on completion of the Placement, AGC is well-funded to pursue its exploration and development activities, indicating a positive outlook for the Company's growth and project expansion.