Suncrest Gold said it raised A$1.4 million ($1.02 million) through an oversubscribed convertible note placement, exceeding its initial A$1 million target by 36%. The proceeds will fund exploration at the Dexter Project and the newly identified Kimberley King Project in Western Australia.
The company, formerly known as Sunshine Gold, secured commitments from new and existing investors for the placement, which closed on Tuesday. Hot Rocks Investments plc, which holds a 43% stake in Suncrest Gold, contributed an additional A$25,000 to the round.
Suncrest Gold plans to list on the Australian Securities Exchange, with the convertible notes convertible into fully paid shares at a 25% discount to the listing price. Noteholders also received options exercisable at 150% of the listing price within 12 months or at 300% within 24 months.
The Dexter Project is a key focus for near-term drilling, while the Kimberley King Project, located approximately 175 kilometers east of Derby, represents a new gold target in the West Kimberley region. Suncrest has submitted an area grant application (E04/2943) for the Kimberley King Project, though approval remains pending.
The company highlighted historical gold samples at Mt Synnot, 8 kilometers along the strike, as part of its exploration rationale. Funds raised will support further fieldwork and drilling programs ahead of the planned ASX listing.
