RE: RNS26 Oct 2020 14:37
From results on 30th September
The Company is now well established, well-funded and on the verge of commencing its first major drilling campaign.
Financial Review
In May the Board made a strategic decision to place the Company's available head room, raising gross proceeds of approximately £677,145 at a price of 2.25p. This had the advantage of minimising dilution for existing shareholders and enabled the Company to commence detailed planning for a drilling programme during the second half of 2020.
Post period end, in August 2020, the Company raised £1.5m in a placing of zero coupon convertible loan notes convertible at 2.3p, with warrants attached.
This additional funding will enable the Company to develop its targeted exploration campaigns across its key projects over the next 12-18 months.