en.Wedoany.com Reported - ASX-listed Sentinel Metals has completed a placement, issuing 25.8 million fully paid ordinary shares to sophisticated and institutional investors at an issue price of A$0.58 per share, raising A$15 million, and has received firm commitments.

The placement received strong support from existing shareholders and new investors, reflecting significant market interest in Sentinel's proposed acquisition of the Big Springs gold project in Nevada from ASX-listed Capricorn Metals. The project hosts 1.01 million ounces of gold resources.

Capricorn Metals subscribed for A$3 million worth of placement shares. The successful completion of the bookbuild satisfied a key condition precedent for the acquisition, namely that Sentinel obtained firm commitments of at least A$15 million (before costs) through the placement.

Funds raised through the placement will be used for the cash consideration component of the acquisition, exploration activities at the Big Springs and Columbia projects, offer costs, and working capital. The placement is subject to shareholder approval, with a general meeting expected to be held in late August.

Sentinel Metals Managing Director Matt Herbert said he was pleased with the strong support received for the placement, which reflects the strategic significance of the Big Springs acquisition and the significant opportunities it creates for shareholders. He noted that Big Springs is a rare opportunity to acquire a million-ounce gold asset in Nevada, which is already permitted for mining, with significant exploration upside and potential near-term development options. Together with the Columbia gold-silver project in Montana, the acquisition will transform Sentinel into an emerging North American gold company with mineral resources across two advanced projects in premier mining jurisdictions in the United States.