logo-loader
viewAlkane Resources Ltd

Alkane Resources Ltd allots rights issue shares after strong take up

au_dubbo_zirconia_project_350_x_260_574bc472c02e7.jpg

Alkane Resources Ltd (ASX:ALK) has allotted and issued 61.9 million shares at $0.20 raising $12.4 million as part of the recent rights issue.

Funds will be used to develop the Dubbo Zirconia Project (DZP) in central New South Wales.

At the board's discretion, a shortfall of up to $4.1 million worth of shares may be placed at the offer price of $0.20 over the coming 3 months.

The DZP is located 400 kilometres northwest of Sydney and is a large polymetallic resources containing zirconium, hafnium, niobium, yttrium and rare earths.

The project has a net present value (NPV) of US$0.92 billion and securing financing is currently in progress.

Alkane is developing the DZP alongside its gold producing and cash generating Tomingley Gold Operations.

Alkane is planning to acquire the remaining key land parcel within the DZP project area within the June quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Alkane Resources Ltd

Price: 0.63 AUD

ASX:ALK
Market: ASX
Market Cap: $318.84 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Alkane Resources Ltd named herein, including the promotion by the Company of Alkane Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Alkane Resources share price rises on news of discovery at...

Alkane Resources Limited (ASX: ALK) managing director Nic Earner updates Proactive on the recent discovery of "significant" porphyry gold-copper mineralisation at Boda prospect within the company’s Northern Molong Porphyry Project in Central West NSW. Earner says the market seems to have...

on 20/9/19

2 min read