Mid-tier gold production and exploration company Gold Road Resources Limited (ASX: GOR) has committed to participate in the institutional entitlement offer by De Grey Mining Limited (ASX: DEG) at $1.10 per share, as announced by De Grey on 10 May 2024.
Gold Road will take up all of its entitlements under the offer, subscribing for 46,249,692 shares.
Gold Road had $146.2 million of cash and equivalents as at 31 March 2024.
Prior to this week’s announcement by De Grey of its capital raising, Gold Road was De Grey’s largest shareholder with a stake of 19.9%.
Gold Road’s principal asset is a half-share in the Gruyere gold mine, in Western Australia’s north-eastern Goldfields. The Gruyere JV is a 50:50 joint venture with Gold Fields (JSE: GFI), which manages and operates the Gruyere gold mine.
