Insights

Odyssey Gold (ASX:ODY) share price jumps 7% on capital raising efforts

The Odyssey Gold Ltd (ASX: ODY) share price is storming 7% higher during mid-morning trade following an update on its capital raise efforts.
The post Odyssey Gold (ASX:ODY) share price jumps 7% on capital raising efforts appeared first on The Motley Fool Australia. –

The Odyssey Gold Ltd (ASX: ODY) share price is storming higher during mid-morning trade following an update on its capital raise efforts.

At the time of writing, the gold miner’s shares are up 7.4% to 14.5 cents.

Odyssey Gold completes placement, initiates SPP

According to its release, Odyssey Gold advised it has successfully secured a commitment to raise $10 million (before costs) through a placement. The offer received strong support from both domestic and international institutional and sophisticated investors.

The placement will see 79.8 million new ordinary shares issued at a price of 12.5 cents apiece.

In addition, Odyssey Gold will launch a Share Purchase Plan (SPP) for eligible shareholders, under the same terms of the placement. The company is hoping to raise a further $5 million by the issuance of another 40 million ordinary shares. The SPP offer closes on 24 June 2021, with issue and quotation of the shares on 1 July 2021.

Odyssey Gold will use its existing placement capacity to create the new shares. Under listing rule 7.1, this allows up to an additional 15% of its total shares to be issued without shareholder approval.

The proceeds of the placement and SPP will be used to accelerate the company’s Tuckanarra and Stakewell Gold Projects. This includes expanding its current exploration drilling program, whilst undertaking resource development drilling, and technical and metallurgical studies.

Odyssey Gold executive director, Matt Syme commented:

We are pleased with the strong support received for this Placement from existing and new investors. It reflects the exciting exploration potential of our two outstanding gold projects in the Murchison Goldfields.

Funds raised from the Placement will allow Odyssey to expedite exploration of our recent gold discoveries.

How has the Odyssey Gold share price performed?

Since listing on the ASX board in January, Odyssey Gold shares have jumped by more than 220%. The company’s share price reached an all-time high of 22.5 cents earlier this month before dropping lower from profit-taking.

Odyssey Gold has a market capitalisation of roughly $63 million, with 452 million shares on its registry.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

What’s up with the Odyssey Gold (ASX:ODY) share price today?
Odyssey Gold (ASX:ODY) share price freefalls 20% despite update
Why the Odyssey Gold (ASX:ODY) share price is rocketing 118% higher today

The post Odyssey Gold (ASX:ODY) share price jumps 7% on capital raising efforts appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!