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Meteoric Resources completes first $6.75 million tranche of $7 million placement

Funds raised will enable the company to accelerate exploration programs at the Juruena and Novo Astro projects in Brazil.

Meteoric Resources NL - Meteoric Resources completes tranche-1 placement to raise $7 million
Two directors of Meteoric have also taken part in the placement

Meteoric Resources NL (ASX:MEI) has completed the first $6.75 million tranche of a placement which will result in the company raising $7 million for ongoing work at its Brazilian gold projects.

The company has issued 135 million shares under tranche-1 at an issue price of 5 cents per share.

The placement funds will enable Meteoric to accelerate and expand drilling at the Juruena and Novo Astro gold projects in Brazil's Mato Grosso state.

Investor support “is a true testament” to project prospectivity  

At the time managing director Andrew Tunks said: “The support we have received from both existing and new shareholders for Meteoric’s Brazilian portfolio of gold assets is a true testament to the sheer prospectivity that exists at Novo Astro and Juruena.

“Following on from the completion next month of the 26-hole, 4,500 metres initial drilling program at Juruena, it is our intention to evaluate our program and plan for the next season of drilling.

“It is anticipated that the new drilling will focus on expanding the known mineralisation at depth at Dona Maria and along strike at Tomate.

“Additionally, we will look at several other under drilled targets and the largely unexplored Arrasto Hills to the northwest where the strongly altered volcanics demand further investigation.”

Novo Astro progress

Tunks added: “Over at Novo Astro, we have two rigs on site carrying out the first-ever drilling program at the project which comprises 21 holes for about 2,500 metres with the first results expected in late November.

“With these new funds, we will now look to increase our drilling program with a sharply targeted diamond drilling program and a broader regional RC/Aircore program to define the extent of the massive alteration zones we are seeing in the current drilling.”

Placement details

The placement was made utilising the company’s existing placement capacity under listing rules 7.1 and 7.1A.

A total of 130 million shares were issued relating to listing rule 7.1 and 5 million shares were issued relating to listing rule 7.1A.

The 5 million shares were issued to sophisticated and professional investors as it was considered to be the most efficient mechanism for raising funds at the time.

Quick facts: Meteoric Resources NL

Price: 0.04 AUD

ASX:MEI
Market: ASX
Market Cap: $49.25 m
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