Echo Resources Limited

Canaccord Genuity is pleased to announce the completion of a placement of approximately 68.2 million new fully paid ordinary shares at an issue price of AUD$0.22 per share, raising gross proceeds of AUD$15 million on behalf of Echo Resources Limited (ASX.EAR). Canaccord Genuity acted as Sole Underwriter, Bookrunner and Joint Lead Manager to the transaction which had significant demand from both new and existing shareholders.

The proceeds of the placement will be used for increased exploration activities and project development studies at the company’s flagship Yandal project.

Echo Resources is an ASX-listed gold exploration business with a large and highly prospective ground position in the Eastern Goldfields of Western Australia.