BPL intends to use the funds raised under the offer to progress work at the La Paz Rare Earths Project in Arizona USA, following the initial success of the maiden mapping and sampling program during October 2019 which led the company to apply for further tenements and double its footprint in the region.
Exploration and metallurgical plans
The company will use the funds to carry out exploration and technical programs focused on metallurgical test work forming a critical part of the scoping study economic assessment of the project which is due in 2020.
- Assessing upgrading the current resource estimate to JORC 2012 standards;
- Commencing detailed metallurgical test work programs;
- Completing a scoping study level economic assessment for the La Paz Project during 2020; and
- Meeting general corporate and capital raising costs.
The offer price of 1.5 cents per new share included one free attaching loyalty share issued for every eight new shares.