Pioneer Resources Ltd (ASX:PIO) has had its placement snapped up as the company progresses a dual strategy on two of the hottest commodities in the market.
The placement was made to clients of Sanlam Private Wealth, Bell Potter Securities Limited and other investors.
Total shares were 161 million at $0.01 to raise $1,610,000 before costs.
Funds will be substantially directed to exploration programs at the Mavis Lithium Project in Ontario, Canada and the Acra Gold Project near Kalgoorlie in Western Australia, as well as providing working capital.
David Crook, managing director, commented:
“On behalf of the board I welcome the new shareholders who participated in this offer, and extend our appreciation to all shareholders for their on-going support, as we advance the company’s exploration assets.”
Mavis Lithium
Earlier in the month Pioneer entered into an Option Agreement and Strategic Alliance with International Lithium Corp. (TSX.V:ILC) to earn up to an 80% interest in the Mavis Lithium Project.
The Strategic Alliance Partners are currently planning 2016 field programs for the Mavis Lithium Project, with low impact field work expected to commence in early May 2016.
This will include soil and rock geochemistry, and mapping; and a ground magnetic survey.
Following the satisfactory completion of due diligence for the transaction by Pioneer, drilling will commence to further test new lithium positions intersected in 2012.
Acra Gold
Pioneer is remaining busy at Acra, following significant gold intersections from the Kalpini South Prospect.
The next work programs are planned for completion during the April‐June 2016 quarter and will include:
- Reverse circulation drill testing for shallower supergene gold mineralization overlaying high grade gold lodes; and
Infill and extensional aircore drilling, plus reverse circulation drilling of the Deep River and Kalpini West Targets.
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