Alchemy Resources: Raises $5.5m for drilling across WA and NSW

Alchemy Resources Raises $5.5m for drilling across WA and NSW

• Alchemy Resources (ALY) taps investors for $5.5 million to fund drilling across its projects in Western Australia and New South Wales
• New and existing institutional and sophisticated investors have subscribed for shares in a single-tranche placement comprising 220 million shares at 2.5 cents each
• The issue price marks a 24.2 per cent discount to Alchemy’s last closing price on October 6 of 3.3 cents
• The funds will go towards drilling at the company’s WA-based gold and lithium projects, Karonie and Lake Rebecca, and its NSW gold and base metals projects, Overflow and Yellow Mountain
• ALY shares resumed trading today and are down 12.12 per cent to trade at 2.9 cents at 12:42 pm AEDT