The Mick Adam pit on the site of Phoenix Gold s Castle Hill gold project. Picture: Jarrod Lucas/Kalgoorlie Miner.
The Mick Adam pit on the site of Phoenix Gold's Castle Hill gold project. Picture: Jarrod Lucas/Kalgoorlie Miner.

Phoenix Gold has announced plans to raise $18.2 million for further exploration and development of its Castle Hill and Broads Dam projects near Kalgoorlie.

The raising will be by way of a $7.8 million placement and a one-for-three rights issue to raise a further $10.4 million.

Both will be priced at 13 cents, a 10.3 per cent discount to Phoenix's last traded price of 14.5 cents.

The raising is not underwritten.

"The combined proceeds of the offer will be used to fund the staged mine development plan, continue lateral and depth extensions at Castle Hill and Broads Dam projects and to provide working capital and pay for offer costs," the Kalgoorlie-based miner said in a statement.

The West Australian

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