Unity Metals Ltd. is raising AU$3.5 million through an oversubscribed placement, positioning the company to expand its gold drilling programmes across key discoveries in Cambodia.
The placement involves issuing 23.33 million new ordinary shares at an offer price of 15 cents per share, representing an 11.8 per cent discount to the company’s last closing price. Subscribing investors will receive one unlisted free-attaching option for every two shares, exercisable at 22.5 cents with a two-year term.
The new shares will be issued on October 1.
In addition to the placement, Unity is launching a share purchase plan (SPP) aimed at raising up to AU$1 million from eligible existing shareholders.
The bulk of the combined AU$4.5 million capital injection will directly fund follow-up exploration across Unity’s flagship Cambodian portfolio.
Key priorities include Phase 2 extensional and infill drilling scheduled to start in early October at the O’Phlay Project’s Camp Prospect. The site previously returned prominent stockwork vein intercepts, including 40 metres at 1.9 grams per tonne (g/t) gold and 70.1 metres at 1.1 g/t gold.
Funds will also support regional target testing across newly identified demagnetised zones at the Toulsroloav and Small Creek prospects within O’Phlay.
At the nearby Ngot Gold Project, the company has planned geophysical target drilling at Rohav Mountain, deep drilling at Ngot Central, and maiden drilling at Mesam South.
Managing Director Craig Mackay said the fresh equity allows the team to accelerate testing across multiple look-alike targets.
“This funding now positions us to focus on determining the significance of these discoveries with further, highly targeted drilling,” Mackay said.
“In particular, the discovery of a broad stockwork gold system at our O’Phlay Project and the identification of multiple look-alike targets in the region could be a game changer for the company.”
Unity expects to receive additional assay results from two diamond drill holes at the Camp Prospect shortly, ahead of recommencing diamond drilling in early October.
