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Anson Resources receives commitments for $900,000 in top-up placement

Funds raised will allow the company to accelerate development at its flagship Paradox Brine Project with a pre-feasibility study to begin this quarter.

Anson Resources Ltd - Anson Resources receives commitments of $900,000 in top-up placement to professional investors
Anson is issuing a total of 48,648,649 shares at 1.85 cents per share

Anson Resources Ltd (ASX:ASN) has received firm commitments of $900,000 in relation to its top-up placement to professional and sophisticated investors.

A total of 48,648,649 new shares will be issued at a price of 1.85 cents per share.

The issue price meets the requirements of Listing Rule 7.1A.3, being more than 75% of the 15-day volume-weighted average price of Anson shares traded on ASX.

Total of $1.95 million raised

Anson has issued 40,540,541 shares representing $750,000 of the placement with the remainder anticipated to settle on Friday, July 24.

Including the share purchase plan (SPP), which was completed on July 21 raising $1.045 million, the company expects to raise a total of $1.945 million.

Accelerating Paradox Brine Project

Funds raised will allow Anson to accelerate development at its flagship Paradox Brine Project in the US with a pre-feasibility study (PFS) to begin this quarter.

Concurrently with and to feed into the PFS, several initiatives are ongoing including an engineering study for the supply of power to the proposed production plant as well as negotiations with potential gas suppliers.

The company is now also able to progress plans for exploration at its Yellow Cat Uranium Project, which is 40 kilometres from the flagship Paradox project in Utah as well as at its Bull Nickel-Copper-PGE Project, 12 kilometres southwest along strike of Chalice Gold Mines Limited (ASX:CHN) tenements in Western Australia.

Quick facts: Anson Resources Ltd

Price: 0.025 AUD

ASX:ASN
Market: ASX
Market Cap: $19.59 m
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Anson Resources initiates $3 million fundraising to advance its Paradox...

Anson Resources Ltd (ASX:ASN) CEO Bruce Richardson tells Proactive the firm has launched a share purchase plan (SPP) offer to raise up to $2 million as part of a $3 million capital raising effort to advance its Paradox Brine Project in Utah. Richardson says the funds raised will be used to...

on 17/6/20

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