Geopacific Resources announces significant entitlement offer

Geopacific Resources (ASX:GPR) is initiating a 1.69 for 1 renounceable pro-rata entitlement offer to raise approximately A$40 million. The offer price is set at A$0.02 per New Share. The funds will primarily be directed towards the development of the Woodlark Gold Project in Papua New Guinea.

Overview and future outlook for Geopacific Resources

Geopacific Resources has announced a significant entitlement offer designed to raise A$40 million, primarily to fund the Woodlark Gold Project in Papua New Guinea. The offer, priced at A$0.02 per New Share, is partially underwritten by Taylor Collison with additional support from Deutsche Balaton and Patronus Resources. The raised capital will be used for exploration, project development, and community programs. This includes advancing the definitive feasibility study and engineering design, as well as community relocation efforts. The offer allows eligible shareholders to trade their entitlements and apply for additional shares. This strategic move is aimed at strengthening Geopacific's project development capabilities and enhancing shareholder value.

Executive commentary on the entitlement offer

This entitlement offer is a critical step in advancing the Woodlark Gold Project. The funds raised will facilitate key project development activities and community programs, ensuring we are well-positioned to move forward with our strategic goals.