G50 Corp completes $1.40 million placement

G50 Corp Limited (ASX: $G50) has successfully completed a single tranche placement, raising $1.40 million before costs. The placement involved firm commitments from sophisticated and accredited investors for 11,200,000 fully paid shares at an issue price of $0.125 each. The funds will be utilized for follow-up desktop work, surface work, and metallurgy testing at the company's flagship Golconda project, where a significant high-grade gallium discovery has been made.

Managing Director's Comments on Placement and Golconda Project

The Managing Director of G50 Corp, Mark Wallace, expressed satisfaction with the strong progress made in understanding the high-grade gallium project at Golconda over the last 10 months. He highlighted the updated geological model, which has instilled confidence in the value proposition of Golconda. Wallace emphasized the potential impact of Golconda on the supply chain of strategic minerals, meeting the increasing demand from the US defense industry, data centers, and hyper scalers. He also expressed gratitude for the support from existing shareholders and the enthusiasm of new shareholders to be part of the company's journey, foreseeing significant growth opportunities from the maiden discovery in Arizona and potential discoveries in Nevada.

Summary of G50 Corp's Placement and Future Plans

G50 Corp (ASX: $G50) has successfully raised $1.40 million through a strongly supported placement, indicating strong confidence from both existing and new sophisticated investors. The funds will be directed towards further exploration and planning at the Golconda Project, where a significant high-grade gallium discovery has been made. The Managing Director, Mark Wallace, highlighted the progress in understanding the value proposition of Golconda and the potential impact on the supply chain of strategic minerals. G50 Corp is set to host a mid-year Gallium update on June 20th, 2024, presenting an opportunity for stakeholders to gain insights into the company's progress and future plans. The company's focus on exploration in the South West of the United States, particularly at the Golconda Project in Arizona and the White Caps Project in Nevada, reflects its commitment to strategic mineral exploration and growth.