Suncrest Gold has raised A$1.02 million through an oversubscribed convertible note offering ahead of its planned listing on the Australian Securities Exchange. The company, formerly known as Sunshine Gold, exceeded its initial fundraising target of A$750,000.
Hot Rocks Investments plc, which holds a 43% stake in Suncrest Gold, participated in the round with an additional investment of A$25,000. The convertible notes will convert into fully paid shares at a 25% discount to the planned ASX listing price. Note holders will receive one option for every three shares issued upon conversion, exercisable at 150% of the listing price within 12 months. An additional option will be granted for every two shares issued, exercisable at 300% of the listing price within 24 months.
Proceeds from the fundraising will primarily be allocated to ASX listing costs, exploration at the Dexter project, heritage and land access expenses, and working capital. Suncrest Gold also highlighted its Kimberley King project, where a tenement application (E04/2943) has been submitted for a gold target in Western Australia’s West Kimberley region. Located approximately 175 kilometers east of Derby, the project lies within a major fault zone containing a known gold occurrence 8 kilometers along strike at Mt Synnot, where historical sampling reportedly returned gold grades. Aerial imagery indicates extensive outcropping quartz veining within the fault system, though the tenement application remains ungranted.
The company is backed by investors with experience in Australian and European financial markets, as well as exploration and mining professionals and land access specialists.
