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Yandal Resources (ASX: $YRL) secures $2.5m share placement

Yandal Resources' $2.5m Share Placement Announcement


Yandal Resources Limited (ASX: $YRL) has successfully secured firm commitments to place 31.2 million fully paid ordinary shares at $0.08 per share, raising $2.5 million before costs. The placement shares were priced at a 5.9% discount to the 5-day VWAP and an 11.1% discount to the last traded price. Following settlement, Yandal will have approximately $7.7 million cash on hand. The oversubscribed placement received strong support from major shareholders and new investors, reflecting confidence in the company's future prospects.

Executive Commentary on Capital Raising


Yandal Resources' Managing Director, Mr Tim Kennedy, expressed satisfaction with the support received from the participants of the capital raising. He highlighted the importance of having a solid funding runway to expand and accelerate exploration activities at key target areas. The forthcoming drilling program at Ironstone Well-Barwidgee in the Northern Yandal Belt, including RC and diamond drill testing of key targets, is in the advanced planning stage. Weather permitting, the company expects to mobilize in early March and anticipates reporting progress as results come to hand.

Summary of Yandal Resources' Share Placement


Yandal Resources Limited (ASX: $YRL) has successfully completed a $2.5 million share placement, receiving firm commitments for 31.2 million fully paid ordinary shares at $0.08 per share. The oversubscribed placement, priced at a 5.9% discount to the 5-day VWAP and an 11.1% discount to the last traded price, reflects strong support from major shareholders and new investors. The funds raised will primarily be used for drilling, exploration target testing, and general exploration activities at the Ironstone Well, Barwidgee, Mt McClure, and Gordons projects, as well as for working capital. Yandal Resources' Managing Director emphasized the significance of the funding for expanding and accelerating exploration activities at key target areas, with the forthcoming drilling program at Ironstone Well-Barwidgee in the Northern Yandal Belt being in the advanced planning stage. The company looks forward to reporting progress as results come to hand.

Sourcehttps://announcements.asx.com.au/asxpdf/20240202/pdf/0600sgdw6m301d.pdf

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