Koonenberry Gold's $2.35 million capital raising details

Koonenberry Gold Ltd (ASX: $KNB) has announced a successful Placement and Entitlement Offer to raise $2.35 million. The capital raising attracted a highly regarded cornerstone investor, Lion Selection Group Limited, and saw participation from sophisticated investors and Company Directors. The funds raised will be utilized for a fully permitted, focused, and high impact drill program on the Company's gold and copper targets, including the Atlantis Cu-Au Prospect and the Bellagio Au Prospect.

Managing Director's perspective on the capital raising

Managing Director, Dan Power, expressed gratitude to shareholders and new investors for their continued support. He highlighted the successful fundraise in the current market and the endorsement from quality investors like Lion Selection Group. Power also outlined the company's plans to utilize the raised funds for drilling the Atlantis Cu-Au and Bellagio Au Prospects in the upcoming months, with expectations to commence drilling activities in mid-March and mobilize the drill rig in mid-April.

Outlook and utilization of raised funds

Koonenberry Gold's capital raising, with the participation of a cornerstone investor and sophisticated investors, reflects confidence in the Company's projects. The raised funds will be directed towards exploration and drilling activities at the Bellagio Au Prospect and the Atlantis Cu-Au Prospect, in addition to general working capital and covering the costs of the offers. The Company's Managing Director, Dan Power, anticipates the commencement of drilling activities in the near future and looks forward to reporting the results as they unfold. The successful capital raising positions Koonenberry Gold to advance its exploration efforts and pursue its corporate strategy of creating value for shareholders through exploration at its 100%-owned Koonenberry Gold Project.