Subject to shareholder approval, eligible applicants will receive one free attaching option exercisable at 1.5 cents expiring 30 June 2020 for every two shares they are issued.
Funds will be primarily used for the imminent drilling of both the Albury Heath Project and Primrose Project in Western Australia.
Albury Heath near Meekatharra delivered high-grade drill results of 2 metres at 67.2 g/t from 27 metres and 5 metres at 63.1 g/t from 32 metres earlier this year.
Follow-up drilling is planned to commence immediately upon finalisation of the drilling tender process currently underway.
The Primrose project in Payne’s Find Goldfield will also receive a follow-up drilling program based on the successful air core drilling program, and the RAB drilling program in 2017.
This drilling produced elevated gold and nickel-cobalt-copper results as released in mid-June 2018.
Cervantes expects this program to follow on from the Albury Heath drilling program.