Suncrest Gold has raised A$1.02 million through an oversubscribed convertible note placement, surpassing its initial A$750,000 target by 36%. The company, formerly Sunshine Gold, plans to use proceeds for ASX listing costs, exploration at its Dexter project, heritage and land access expenses, and working capital.
Hot Rocks Investments plc, which already holds a 43% stake in Suncrest, contributed an additional A$25,000 to the round. The convertible notes convert into fully paid shares at a 25% discount to the planned ASX listing price. Note holders receive one option for every three shares issued upon conversion, exercisable at 150% of the listing price within 12 months, or one option for every two shares at 300% of the listing price within 24 months.
Suncrest Gold is advancing its planned ASX listing following its recent name change from Sunshine Gold. The company has also submitted a tenement application (E04/2943) for its Kimberley King Project in Western Australia’s West Kimberley region, approximately 175 kilometers east of Derby. Historical gold occurrences at the nearby Mt Synnot site, including quartz-vein sampling, support the project’s potential, according to the company.
Managing Director Gavin Burnell stated the funding round attracted investors with expertise in Australian and European financial markets, exploration, mining, and land access. The company expects to allocate the majority of proceeds to exploration activities at the Dexter project and preparation for its ASX debut.
