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Impact Minerals swells coffers to explore Pilbara Conglomerate Gold Project

The raising was conducted at an 11% premium to the share price.

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Impact is set to increase exploration newsflow

Impact Minerals Ltd (ASX:IPT) has been overwhelmed by sophisticated and professional investors in a heavily oversubscribed placement to raise $2.5 million.

The raising was conducted at $0.02, an 11% premium to the share price, and each share has a free attaching $0.04 option which can be exercised on or before the 15th June 2020.

The raising swells Impact's cash balance to $5.2 million.

Funds to be primarily used for new Pilbara Conglomerate Gold Project and the ongoing drill program and resource work at the Commonwealth gold-silver-base metals project in New South Wales.

READ NOW: Impact’s Dr Mike Jones details technical review of Pilbara conglomerate-hosted gold

Dr Mike Jones, managing director, commented:

"We are now in a position to maintain momentum on our projects and in particular in the Pilbara where on-ground reconnaissance work has commenced and ground access conditions are being assessed, as well as at Commonwealth Silica Hill where drill rigs are mobilising to site this week.

"We will complete a minimum of 1,500 metres of drilling before Christmas."

Quick facts: Impact Minerals Ltd

Price: 0.016 AUD

ASX:IPT
Market: ASX
Market Cap: $24.95 m
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