The closing date for the capital raising has been extended to December 28, 2018, from the proposed date of November 30.
A prospectus details the raising of the funds by the issue of up to 70 million shares priced at 1 cent each.
In addition, eligible applicants will receive one free attaching option exercisable at 1.5 cents expiring June 30, 2020, for every two shares they are issued.
Funds will be primarily used for drilling of Cervantes’ Albury Heath and Primrose projects in Western Australia.
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 were delivered from Albury Heath, near Meekatharra in the state’s Mid-West, earlier in the year.
A follow-up drilling program started this week following finalisation of a drilling tender process.
Follow-up drilling is also planned at the Primrose project in Payne’s Find Goldfield after the Albury Heath drilling.
This will be based on a successful aircore drilling program and RAB drilling program in 2017, which produced elevated gold and nickel-cobalt-copper results.
These programs form part of a wider corporate strategy to pursue “fast wins” at low-sovereign-risk projects in WA.