Proceeds of the placement will be used to carry out additional preparatory desktop and fieldwork at its Alotta and Lorraine projects in Quebec, Canada, prior to possible further drilling on targets generated and for working capital.
Placement shares, excluding shares with a total value of $56,000 to be issued to directors, will be issued without shareholder approval, with the directors’ commitment subject to shareholder approval, which will be sought shortly.
GTT Ventures will lead manage the placement and will be entitled to a fee of 6% on amounts raised.
Canadian project plans
The company deferred drilling activities at the projects during the pandemic with plans to continue progressing towards development when COVID-19 restrictions are eased.
At the Alotta polymetallic project, the company plans to test the new style of late-stage porphyry mineralisation as well as a bonanza-grade copper and palladium dominant mineral assemblage.
At the Lorraine Mine drilling will revolve around the reported unmined high-grade gold potential at and below 250 metres in mine workings.
New substantial holder
Recently the company gained a new substantial holder in Syracuse Capital Pty Ltd which holds 5.76% of the company.
Perth-based Syracuse attained this status after acquiring 18,375,010 ordinary shares in the company between October 2, 2020, and January 8, 2021.