Rua Gold To Uplist To TSX Venture Next Week, Closes $8 Million Financing
FULL DISCLOSURE: This is sponsored content for Rua Gold.
Rua Gold (CSE: RUA) has received conditional approval to up-list its shares to the TSX Venture. The move, which is expected to expand the firms reach for investors, is expected to take place as of market open on July 29.
“The TSXV listing eliminates barriers to certain institutional and overseas investors for RUA GOLD and marks an important point in the maturation of the Company. Since March 2024 when RUA GOLD began trading, we have uplisted the company in both Canada and the US, completed a fully subscribed offering under our shelf prospectus, and announced a formative transaction to consolidate the Reefton Goldfield, providing investors a project of world class scale and quality,” commented CEO Robert Eckford.
“All the foundations are now in place for RUA GOLD to achieve its aggressive growth plans. Drills are turning on our Murray Creek targets, and we look forward to delivering updates to the market in Q3.”
Proceeds raised under the offering will be used for the continued exploration of the Reefton Project, as well as for general working capital and corporate purposes.
The Reefton Goldfield as a whole has produced over two million ounces of gold historically, at average grades ranging from 9 to 50 g/t.
The financing follows Rua on Monday announcing its intention to acquire Reefton Resources Pty, a subsidiary of the ASX-listed Siren Gold. The acquisition will nearly quadruple Rua’s landholdings within the Reefton Goldfield, making the company the dominant landholder within the region.
READ: Rua Gold To Become Largest Landholder In Prolific Reefton Goldfield Following $18.5 Million Purchase
Notably, the only tenements that Rua will not hold in the Reefton region upon close of the transaction consists of the Globe Progress Mine, which produced 610,000 ounces of gold from 2007 through to 2016 in an open pit operation, and the Blackwater project. The Blackwater project, which was recently sold by OceanaGold, will see Federation Mining produce 70,000 ounces of gold per year at an AISC of US$738 per ounce.
The Reefton Goldfield as a whole has produced over two million ounces of gold historically, at average grades ranging from 9 to 50 g/t.
Rua Gold last traded at $0.18 on the CSE.
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