Suncrest Gold raises $1.02m ahead of planned ASX listing

Hot Rocks Investments plc reported that its subsidiary, Suncrest Gold, successfully raised $1.02 million in a convertible note round, surpassing its initial goal of $750,000. Hot Rocks, which owns 43% of Suncrest’s shares, participated in the funding with an extra AU$25,000. The notes will convert at a 25% discount to the ASX listing price, offering note holders options to purchase shares at 150% and 300% of the listing price within 12 and 24 months, respectively.

Suncrest intends to use the funds for listing expenses, exploration at the Dexter project, heritage costs, land access, and working capital. The company has submitted a tenement application for the Kimberley King Project, a new gold prospect in Western Australia's West Kimberley region, near Derby. The application is still pending.

Suncrest, formerly known as Sunshine Gold, underwent a name change ahead of its ASX listing. The funding was supported by investors skilled in Australian and European markets, exploration, and mining, along with land access experts.