Prodigy Gold Issues 3.17 Billion Shares to Raise $4.45 Million
Prodigy Gold NL has successfully raised approximately $4.45 million through a partially underwritten entitlement offer, with major shareholders APAC Resources and Plutus Prospecting playing key roles. The funds will support exploration and development across its Tanami projects.
- Raised $4.45 million via entitlement offer at $0.002 per share
- Issued over 3.17 billion new shares to existing shareholders
- Major shareholders APAC Resources and Plutus Prospecting heavily participated
- Plutus Prospecting holds option to increase stake to 19.9% via placement
- Funds earmarked for advancing exploration and development in Tanami Gold Province
Capital Raising Success
Prodigy Gold NL (ASX – PRX) has announced the completion of its partially underwritten non-renounceable entitlement offer, successfully raising approximately $4.45 million before costs. The offer, which closed on 14 July 2025, involved issuing one new fully paid ordinary share for every share held, priced at a modest $0.002 per share. This capital injection comes at a critical time as the company seeks to advance its exploration and development programs within the prolific Tanami Gold Province.
Strong Support from Major Shareholders
Key to the offer’s success was the participation of major shareholders APAC Resources Limited and Plutus Prospecting Pty Ltd. APAC subscribed fully to its entitlement and took up additional shares under the shortfall offer, while Plutus, which partially underwrote the entitlement offer, was issued nearly 950 million shares to cover the shortfall. Notably, Plutus retains the right to request a further placement of shares within 75 days, potentially increasing its stake to just under 20% of the company’s issued capital. This level of insider support signals confidence in Prodigy Gold’s strategic direction and asset potential.
Strategic Focus on Tanami Projects
The funds raised will be directed towards advancing Prodigy Gold’s exploration and development initiatives, particularly at the Tanami North and Tanami West Projects. The company plans to prioritize the development of mineral resources, conduct mining options studies at the Twin Bonanza Project (which includes the Buccaneer and Old Pirate gold deposits), and systematically evaluate its portfolio to determine the best path forward, whether that be further exploration, divestment, or relinquishment of tenements. This disciplined approach aims to unlock value from both greenfield and brownfield opportunities within a proven gold province.
Looking Ahead
Prodigy Gold’s managing director, Mark Edwards, expressed satisfaction with the outcome, highlighting the strong shareholder participation and the commitment from APAC and Plutus. The company’s ability to secure funding from existing investors bodes well for its near-term objectives and underscores the market’s belief in the potential of its Tanami assets. However, the coming months will be critical as Prodigy Gold executes its exploration programs and navigates the potential share placement by Plutus, which could further alter the company’s shareholder structure.
Bottom Line?
With fresh capital secured and major shareholders doubling down, Prodigy Gold is poised to accelerate its exploration push; but eyes will be on upcoming placements and project milestones.
Questions in the middle?
- Will Plutus Prospecting exercise its right to increase its stake to 19.9%, and what impact will that have on control dynamics?
- How will Prodigy Gold prioritize its exploration budget across the Tanami North, West, and Twin Bonanza projects?
- What are the potential dilution effects on existing shareholders following the entitlement offer and possible placement?
