Brighton Mining Group to raise A$600,000 for Cambodian gold exploration

[ProactiveInvestors.com]

Brighton Mining Group (ASX: BTN) plans to raise up to $600,000 through the issue of a convertible note facility to fund field work at the Antrong Prospect in North West Cambodia in the December quarter.

The company expects to issue the notes over the next month and will be convertible into ordinary shares at any time over a one-year period from date of issue.

The conversion price is $0.15 per note and interest at the rate of 10% per annum will accrue on all unconverted notes.

The field work will include follow-up drilling of mineralised structures based on results from the preliminary stage of work completed earlier this year, as well as continuation of an infill soil sampling program and follow-up trenching based on anomalous preliminary soil sampling results and other exploration work.

The issue of the convertible notes will also supplement the company’s working capital.

Brighton is planning to acquire a major interest in gold mining assets held directly or indirectly by Brighton Mining Limited (BML), boosting its concession holdings in Cambodia.

These include the interest of BML in the Cambodian concessions held by Summer Gold Investments Pty Ltd at Ratanakari and at Mondulkiri, the latter of which adjoins the company’s concession comprising the Sun Hill Joint Venture at Antrong.