(Alliance News) - Arkle Resources PLC on Monday said it has raised GBP250,000 through the placing of 33.3 million shares at 0.75 pence each.
Shares in the Irish gold and zinc exploration and development company were trading 13% lower at 0.98p each on Monday morning in London, giving it a market capitalisation of GBP1.8 million.
Arkle Resources said the new cash will be used to fund further exploration activities at the Stonepark zinc project in County Limerick as well as other exploration activities, including on the company's wholly-owned gold exploration projects.
"We believe this investment and confirmation that our joint venture partner has received further funding from Glencore is a strong endorsement of the Stonepark project. Furthermore, there is exciting exploration potential in the south of the project along the 'Pallas Corridor'. We look forward to drilling recommencing as planned in August, subject to Covid-19 restrictions," said Chief Executive Patrick Cullen.
Following admission, Arkle will have 216.0 million shares in issue.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Arkle Res (ARK)