Gascoyne Resources Launches $50m funding package
- Gascoyne Resources (GCY) launches a $50 million funding package for work at its Never Never and Dalgaranga projects in Western Australia
- The planned funding comprises a $26.3 million equity raising, a $21.3 million investment from Tembo Capital and a $2.5 million unsecured loan from Delphi
- In addition to funding future exploration, GCY has dedicated $2.5 million to settle amounts owed to creditors due to the suspension of Dalgaranga operations
- GCY says the money will cover its planned exploration activities, care and maintenance costs, and working capital through to mid-2024
- Company shares have been suspended from trading since November 22 and last traded at 19.5 cents
