The company has today issued 408,163,267 fully paid ordinary shares to the subscribers, along with 153,061,226 free attaching unlisted options with an exercise price of A$0.074 and an expiry date of three years from the date of issue.
Funds raised from the placement will be used for further exploration at the company’s projects;
- Carrying out a feasibility study for a full-scale beneficiation plant;
- Testing of the company’s ore sorter;
- Continued testing of the company’s pilot plant and separation options; and
- General working capital purposes.
Tranche 2 pending
Tranche 2 of the placement, which comprises the issue of 51,020,408 options, is subject to shareholder approval.