Koonenberry Gold (ASX:KNB) entered into agreements to purchase gold and copper assets in New South Wales, according to Thursday filings with the Australian bourse.
The company will issue 35 million of its shares to acquire the Enmore gold project from Global Uranium and Enrichment (ASX:GUE) and 95 million of its shares to acquire the Lachlan projects from Gilmore Metals.
The acquisition of the projects will be settled in December.
To support exploration at the Enmore and Lachlan projects as well as the existing Koonenberry project, Koonenberry Gold raised AU$4.5 million via a placement of 450.0 million ordinary shares at AU$0.01 apiece.
Shares under the placement will settle Dec. 3. The placement was jointly managed by BW Equities and Baker Young.
Koonenberry Gold shares surged 50% in recent trade.
Price (AUD): $0.09, Change: $+0.012, Percent Change: +15.00%
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