YTC Resources (ASX: YTC) will raise about A$25 million through a placement of 44 million ordinary shares at $0.57 per share to fund its continued aggressive exploration program at the Nymagee Copper deposit.
The placement is being completed in two tranches with 30.6 million shares being issued in tranche one. The balance of 13.4 million shares will be issued in tranche two, subject to shareholder approval.
Hartleys Limited, YTC's corporate adviser, was broker to the offer. The placement was strongly supported by shareholders and domestic and international institutional investors.
The proceeds will be used to evaluate the expanding copper discovery at Nymagee and provide a strong financial capability to advance the integrated Hera-Nymagee Project.
The Nymagee deposit has the potential to be mined and treated under an expanded development scenario in conjunction with the company’s Hera Project, located only 4.5kms to the south.
The company is now planning a larger program of shallow drilling to thoroughly assess the extent of the broad shallow copper and supergene copper mineralisation.