Gold Mountain: Raises $2.1m for PNG exploration

Gold Mountain Raises $2.1m for PNG exploration

• Gold Mountain (GMN) is looking to raise up to $2.1 million through a renounceable rights issue
• For every five shares held, eligible shareholders will be offered one new share priced at one cent each, which represents a 25 per cent discount to the 30-day VWAP of 1.34 cents
• Shareholders will also receive one free-attaching option for every two shares subscribed for, exercisable at 2 cents within two years from issue
• GoldMountain plans to use the money for drilling and exploration work at its Wabag project in Papua New Guinea
• Company shares are down 4.35 per cent and trading at 1.1 cents