Southern Cross Gold rights issue results

Southern Cross Gold Ltd (ASX: $SXG) has announced the successful outcome of its Non-Renounceable Rights Issue, raising $9,322,078.22 from shareholders. The Company offered one fully paid ordinary share for every thirty-three fully paid ordinary shares at an issue price of $1.82 per new share.

Executive commentary on rights issue results

The level of shareholder participation in the Rights Issue has been exceptional, with approximately 91% of the Rights Issue taken up by shareholders. The funds raised will be directed towards the Company's exploration expenditure, particularly focusing on the Sunday Creek Project in Victoria, Australia, and for general working capital purposes. The strong commitment and confidence demonstrated by the Company's directors in taking up their full pro rata entitlements amounting to $108,357.34 is a testament to their belief in the Company's future prospects.

Summary of Southern Cross Gold rights issue announcement

Southern Cross Gold Ltd (ASX: $SXG) has successfully raised $9.3 million through its Rights Issue, with approximately 91% of the Rights Issue taken up by shareholders. The funds will be utilized for exploration expenditure, particularly focusing on the Sunday Creek Project in Victoria, Australia, and for general working capital purposes. The Company's directors' full pro rata participation further underscores their confidence in the Company's future. The successful outcome of the Rights Issue reflects positive shareholder sentiment and provides Southern Cross Gold with the necessary capital to pursue its exploration activities and support its ongoing operations.