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Chase Mining share placement to fund exploration at Canadian projects

Funds raised will be used to carry out additional preparatory desktop and fieldwork at the company’s Alotta and Lorraine projects in Quebec.

Chase Mining Corporation Ltd - Chase Mining Corporation share placement set to fund Allota Project exploration
GTT Ventures will lead manage the placement

Chase Mining Corporation Ltd (ASX:CML) has received firm commitments to raise around A$821,000 through a placement to sophisticated investors and directors at A$0.016 per share.

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.

Quick facts: Chase Mining Corporation Ltd

Price: 0.016 AUD

ASX:CML
Market: ASX
Market Cap: $5.86 m
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