Sign up Australia
Proactive Investors - Run By Investors For Investors

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.

View full HMX profile View Profile

Hammer Metals Ltd Timeline

Newswire
April 05 2016
Newswire
July 23 2015

Related Articles

1539587791_Kavango.jpg
October 15 2018
KSZ holds potential for world class base and precious metals deposits
gold bullion
October 18 2018
Perseus is on track to achieve guided production and costs for the December 2018 half year.
Looking over a report
October 24 2018
The study predicted a 32-year mine life and featured a 42.8% internal rate of return.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use