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Ord River Resources Raises $2.5 Million For Gold Exploration

Ord River Resources (ASX: ORD) has closed a 3 for 8 Renounceable Entitlement Offer, raising $2.5 million that will be put towards gold drilling and other activities.

The offer comprised three fully paid shares for every eight shares held, at an issue price of $0.028 per share, a 31.1% discount to the company's 30 day volume weighted average price prior to the announcement, and a 22.2% discount to its final closing price before the announcement.

At the time of launching the offer, Ord River planned to use the largest part of the money raised for a drilling program at Ord's Suplejack Gold Project in the Northern Territory, which hosts a 55,000 gold ounce JORC Inferred Resource.

Ord company secretary and executive director Frank Zhu told Proactive Investors that the planned drilling program was aimed at increasing the Resource at Suplejack.