Mawson Gold Fully Exercises Participation Rights in Southern Cross Gold’s Rights Issue

Mawson Gold Limited, a prominent player in the mining sector, announced the completion of its participation in Southern Cross Gold Ltd.'s Rights Issue. This strategic move allowed Mawson to maintain its 50.6% ownership in the Australian mining firm. The Rights Issue finalized on May 9, 2024, saw Mawson acquire an additional 2,840,910 shares at A$1.82 each, resulting in a total investment of A$5,170,456.20.

This development follows Mawson's shares being held in a two-year escrow since Southern Cross Gold's initial public offering in May 2022, set to expire soon. With the acquisition, Mawson's total share count in Southern Cross Gold reached 96,590,910, reinforcing its significant influence over the company. The market value of Mawson's stake was estimated at A$286,875,003 as of May 13, 2024.

Southern Cross Gold plans to utilize the net proceeds from this Rights Issue chiefly for further drilling at their 100% owned Sunday Creek gold-antimony project, aiming to advance exploration over the next year. This project has shown promising potential with its distinctive geological setup and ongoing drilling updates.