Mawson's Subsidiary SXG Announces A$10.23 Million Fully Underwritten Rights Issue

Mawson Gold Limited, a notable player in the mining industry, announced that its subsidiary, Southern Cross Gold Ltd. (SXG), will conduct a fully underwritten rights issue to raise A$10.23 million. This rights issue aims to procure funds before costs for future explorations and project enhancements.

Mawson, owning 50.5% of SXG, plans to fully participate in this rights issue, reinforcing its commitment to SXG’s endeavors. The offering involves issuing new shares at A$1.82 each, providing an opportunity for existing shareholders primarily in Alberta, British Columbia, and Ontario to expand their investments. The rights issue is scheduled for April 9, 2024, targeting enrichment of SXG’s drilling and development activities, especially concerning the Sunday Creek gold-antimony project.

Underwriters Springtide Capital Pty Ltd and Firelight Investments Ltd will support the issue, which promises strong backing from industry giants. The plan suggests strategic drilling to demonstrate the project's potential, flagged by Mawson's Executive Chairman, Michael Hudson, as a significant growth story in high-grade gold exploration.

Further details and specific timing for the Rights Issue are accessible on SXG’s official website. This move underscores Mawson and SXG’s robust approach to capitalizing on the promising Sunday Creek project within the wider frame of boosting shareholder value and accelerating project milestones.