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GATEWAY MINING LIMITED — Capital/Financing Update 2023
Jul 5, 2023
64999_rns_2023-07-05_4e3a6d89-8e0c-42a3-8bf0-744bd0f901dd.pdf
Capital/Financing Update
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ASX Announcement ASX: GML
6 July 2023
Divestment of Listed Investments Nets Gateway $840,000 to Support Ongoing Exploration at Montague
Gateway Mining Limited (ASX: GML) ( Gateway or Company ) advises that it has sold its shareholding in Strickland Metals Limited (ASX: STK) ( STK Shares ) via an off-market transaction, generating $840,000 in cash. The parcel was sold at $0.042 per share, representing a premium to the last closing price of Strickland Metals shares.
The shares were originally acquired through the divestment of Gateway’s former Bryah Basin tenements in 2020, with a value at the time of that transaction of $400,000.
The proceeds from the sale of the STK Shares will be used to underpin ongoing exploration activities at the Company’s 100%-owned Montague Gold Project in Western Australia, where a new phase of drilling recently commenced aimed at identifying ‘step-change’ discoveries within the project, as well as to grow its existing Mineral Resource base.
This is consistent with Gateway’s strategy of crystallising value from its investments at appropriate times and maintaining its core focus on gold exploration at the Montague Project.
The proceeds will also be used for general working capital.
This released has been authorised by:
Mark Cossom Managing Director
For and on behalf of GATEWAY MINING LIMITED
Investors
Mark Cossom Managing Director T: 02 8316 3998 or Kar Chua Company Secretary T: 02 8316 3998
Media
Nicholas Read Read Corporate T: 08 9388 1474
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Follow us on: LinkedIn: @gateway-mining Twitter: @gateway_mining
Gateway Mining Ltd B1/431 Roberts Road Subiaco WA 6008
LinkedIn: @gateway-mining Twitter: @gateway_mining www.gatewaymining.com.au
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APPENDIX (1)
About the Montague Gold Project
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Montague Gold Project Tenement Location Diagram
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