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Dacian Gold (DCN) - Clearing The last Hurdle To Production

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Dacian Gold (DCN) has completed a $110m equity raising comprising a Placement and Institutional Entitlement Offer to raise $92.2m, followed by a 1:3.1 fully underwritten Retail Non-Renounceable Entitlement Offer to raise approximately $17.6m at a price of $2.00 per share. Proceeds from the equity raise will be used to fund the construction of the Mount Morgans Gold Project and for exploration and working capital. The equity raising, coupled with the existing $150m debt facility announced in late 2016, sees DCN fully funded to first production in early CY18. Ore mining will commence in November with first gold production in 1QCY18. We believe DCN has successfully overcome the funding risk hurdle and is now on track to deliver first gold within 12 months whilst maintaining an aggressive exploration program. We maintain our BUY recommendation and target price of $3.00ps ($3.35 prior).

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