Green & Gold Launches $3.2M Rights Issue for Copper Exploration

Green & Gold Minerals (ASX:GG1) has launched a one-for-two renounceable rights issue to raise $3.2 million before costs for copper exploration at Herberton and gold resource growth at Chillagoe.

The rights issue price of $0.10 per share represents a 29% discount to the company's last close of $0.14 and a 30% discount to the 30-day volume-weighted average price of $0.1435.

Eligible shareholders will receive one free attaching option for every two new shares, exercisable at $0.20 and expiring in 2.5 years.

The company aims to extend the Copper Hills discovery within the Herberton Project through additional drilling, targeting priority copper-silver prospects at Siberia-Mt Gossan and Elizabeth Bluffs.