Minerals 260 has announced the successful completion of a capital raise totalling $220m, prior to costs, to acquire and advance the Bullabulling Gold Project in Western Australia.
This funding was achieved through an offer of 1.833 billion new shares priced at $0.12 each, which represents the maximum subscription amount allowed under the Public Offer.
In a statement, the company said that the capital raise attracted interest from institutional investors across Asia, North America, and Europe, alongside support from domestic institutions and existing shareholders.
The company is currently collaborating with the Australian Securities Exchange (ASX) to fulfil all necessary conditions for re-admission and re-quotation, with plans to resume trading on 10 April 2025. Bell Potter Securities Limited and Argonaut Securities Pty Limited served as the Joint Lead Managers for this capital raising initiative.
Minerals 260 chairman Tim Goyder said: “The successful completion of this capital raising is a significant achievement for the Company. The raising was strongly supported by both global and domestic institutions and our existing shareholders. Minerals 260 is now in a position to complete the acquisition of the Bullabulling Gold Project, re-commence trading on the ASX and begin our aggressive drilling campaign.”
In January 2025, Minerals 260 entered into a binding agreement to acquire 100% of Bullabulling Gold and its subsidiary, Bullabulling Operations, from Norton Gold Fields, a subsidiary of Zijin Mining Group.
The total consideration for this acquisition is A$166.5m, which includes A$156.5m in cash and A$10m in Minerals 260 shares, subject to a 4.99% ownership cap for Norton Gold Fields in Minerals 260.
The Bullabulling Gold Project is situated approximately 25km southwest of Coolgardie in Western Australia’s Eastern Goldfields region. It hosts a JORC 2012 Mineral Resource Estimate of 60 million tonnes at a grade of 1.2 grams per tonne of gold, equating to 2.3 million ounces of gold, located on granted mining leases.
