Genesis Resources (ASX:GES) has entered into a subscription agreement with an unrelated sophisticated investor to raise $1 million.
Under the Placement, the investor will subscribe for a total of 11,764,706 ordinary shares in Genesis, which will represent 7.1% of the Company’s enlarged share capital, at an issue price of $0.085 per share.
Funds will be used to sustain its drilling and exploration programs in Macedonia and in Australia, as well as to facilitate cash flow requirements.
Plavica is Genesis' flagship project, hosting JORC Mineral Resource of 1.65 million ounces of gold at 0.9 grams per tonne gold.
Also included are an Inferred silver resource estimate of 28.2 million ounces at 15.3 grams per tonne, and an Inferred copper resource of 32.7 million pounds at 0.28%.
The project is located in the Kratovo District of north-eastern Macedonia, 65 kilometres to the east of the capital, Skopje.
Genesis is capitalised at around $13 million.
