ACCELERATE RESOURCES RAISES $1.35M TO ADVANCE KANOWNA EAST GOLD PROJECT

Funding to fast-track exploration in Kalgoorlie gold region

Accelerate Resources Limited (ASX:AX8) has secured firm commitments from professional and sophisticated investors for a $1.35 million capital raising to fund its gold exploration strategy, particularly at the recently acquired Kanowna East Gold Project.

The proceeds, alongside existing cash reserves, will be directed towards exploration activities at Kanowna East, where Accelerate holds a 70% interest. The project is strategically positioned in Western Australia’s prolific Kalgoorlie gold region, approximately 25km from the +60Moz Superpit and 9km east of the +6Moz Kanowna Belle gold mine.

Over the coming months, the company aims to further strengthen its balance sheet by realising value from non-core assets, allowing it to expedite exploration at both Kanowna East and the Comet Gold Project.

Placement Details

135 million new fully paid ordinary shares will be issued at $0.01 per share.
The issue price represents a 23.1% discount to the last traded price of $0.013 (28 January 2025).
125 million shares ($1.25 million) will be issued under ASX Listing Rule 7.1 and 7.1A placement capacity.
Directors and the CEO intend to subscribe for approximately $100,000, subject to shareholder approval.
Euroz Hartleys Limited acted as Sole Lead Manager and Bookrunner.

Chief Executive Officer, Luke Meter, said:

We are delighted with the level of support we have received for this Placement. Together with existing cash, these funds will ensure we are well funded to rapidly advance Accelerate’s new gold strategy. Specifically, they will help drive exploration across our newly acquired Kanowna East Gold Project, a strategic entry into the highly prospective Kalgoorlie gold region which we believe holds great potential for gold discoveries.