Monies raised at a good price from an existing shareholder6 Dec 2023 13:43
Is pleased to announce it has raised £626,520 (approximately A$1.2 million) through a direct subscription for 14,741,647 new ordinary shares (the "Subscription") at an issue price of 4.25p.
The vast majority of the investment in the Subscription is from an existing Australian shareholder holding over 5% of the Company's current issued share capital, with the balance being provided by one other investor. Both had indicated a desire to inject capital to strengthen the Company's position, thereby enabling an acceleration of mine construction planning activities, while progressing positively towards the creation of a Joint Venture with LB Group to unlock the funding for the total capital expenditure for the Project.
Priority Project workstreams include hiring additional people and consultants, accelerating the process to obtain additional Industrial Mining Licences, and pre-mining resource definition work.
The Subscription has been conducted directly between the Company and the two investors, falling within the share capital authorities granted at the last Annual General Meeting.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of the 14,741,647 shares (the "Subscription Shares") to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Subscription Shares will commence at 8.00 a.m. on or around 12 December 2023.
The Subscription Shares will be issued fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares.