Matsa Resources (ASX:MAT) secured a AU$15 million funding package to progress the Lake Carey gold project in Western Australia, according to a Wednesday Australian bourse filing.
The package comprises a AU$10 million share placement of 100 million shares at an issue price of AU$0.10 per share to existing substantial shareholders and new strategic institutional gold funds, as well as a AU$5 million drawdown debt facility.
The capital raising was cornerstoneed by Collins Street Gold Fund and FiftyOne Capital High Conviction Fund. The firm's largest shareholder, Deutsche Balaton, and its associates, decided to maintain their pro rata shareholding by participating in the placement.
The firm's shares fell 4% in recent trading on Wednesday.
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