GEO Exploration Limited (LSE:GEO) has completed a £1.25 million equity raise through a share placement to fund the next phase of its exploration programme. The placing was completed at a 21.7% discount to the prior closing share price and is intended to support both ongoing and planned exploration activities.
The proceeds will be directed towards work at the Juno and Gorge projects in Australia, as well as providing flexibility to progress potential opportunities in Namibia. In particular, the funding enables GEO to continue evaluating prospects in the Walvis Basin, an area viewed as offering longer-term exploration upside.
In addition to financing exploration programmes, the capital raise will bolster working capital, strengthening the company’s ability to execute its strategy and respond to emerging opportunities. The successful completion of the placing indicates investor support for GEO’s technical progress and strategic direction.
More about GEO Exploration Limited
GEO Exploration Limited is an exploration-focused company engaged in the discovery and development of mineral resources. The group’s activities are centred on projects in Australia and Namibia, where it is advancing exploration initiatives aimed at building long-term shareholder value.
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