Chrysos completes $75m equity raising

The news: Gold sample testing company Chrysos has completed a $75 million placement to support the deployment of its PhotonAssay technology.

The numbers: Chrysos will issue roughly 11.4 million new shares at an offer price of $6.60 per share, a 7.7% discount to Friday's closing price of $7.15. C79 shares were trading at $6.65 at 11:40am AEDT. After settlement, Chrysos expects to have a cash balance of $108 million before costs and $22 million in undrawn debt.

The context: Chrysos currently has 22 deployed PhotonAssay units bringing positive cashflows, and a recent global partnership with Barrick Gold and MSALABS could lead to a further 13 units being deployed to Barrick mines across four continents by 2025. The company intends to expand its manufacturing capacity beyond 18 units per year in the medium term.

What they said: "The funds raised from the placement ensure Chrysos is well-capitalised to support the deployment of contracted PhotonAssay units and, together with our potential to expand debt facilities, significantly underpin the Company’s growth ambitions," chief executive Dirk Treasure said in a statement.