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Hammer Metals raises $1 million to fast-track exploration programs

The funds will be utilised to progress exploration at the Perentie copper-gold project in Mt Isa as well as other surrounding prospects.
Hammer Metals raises $1 million to fast-track exploration programs
Hammer's Perentie project is in the highly prospective Mt Isa region

Hammer Metals Ltd (ASX:HMX) has raised just over $1 million dollars through a non-renounceable option entitlement offer as well as a strategic share placement.

The cash will go towards expediting exploration programs Hammer is undertaking at its Perentie copper-gold project in Queensland.

READ: Hammer Metals identifies copper-gold prospects from high-grade rock chips at Perentie

Existing shareholders subscribed to 67% of the option issue and the underwriter, DJ Carmichael Pty Ltd (DJC), fully subscribed for the remaining options.

Hammer accepted a total of 161,355,205 options, raising $806,776.

READ: Hammer Metals drills best intersection to date at cobalt project

Due to the strong interest, Hammer accepted an additional share placement to DJC worth $200,000 at 3 cents per share, totalling 6,666,667 shares.

The placement included 4 million free attaching options at 3 options for every 5 shares and can be completed without shareholder approval.

Subject to the reconciliation and receipt of cleared funds, holding statements are anticipated to be issued on 14 September, 2018.

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Hammer Metals Ltd Timeline

April 05 2016
July 23 2015

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