SHARE PURCHASE PLAN: DETAILS AND INVESTOR PRESENTATION

WATCH Managing Director Mike Schwarz’s new Investor Presentation that that covers our projects, our plans for the future, and how we will be using this funding to build value for our shareholders.

SHARE PURCHASE PLAN DETAILS

On 11 November the board of directors of iTech Minerals announced a $4.5 million equity raise to fund further graphite exploration.

We are now pleased to offer eligible shareholders the opportunity to subscribe for up to $30,000 of new fully paid ordinary shares in the Company and a minimum of $2,500 of New Shares, free of brokerage and commission, under a Share Purchase Plan (SPP or Plan).

The right to participate in the offer under the Plan is optional. It is available exclusively to shareholders who are registered as holders of fully paid ordinary shares in the capital of the Company (Shares) at 7:00 pm (AEST) on 10 November 2022 and whose address is recorded in the Company’s register of members as being in Australia or New Zealand (Eligible Shareholders).

The SPP is targeting to raise up to $2 million. If the total demand for the SPP exceeds $2 million, then the Company reserves the right to close the SPP early and/or scale back applications or to increase the amount raised under the Plan (subject to the maximum permitted under the ASX Listing Rules).

The SPP issue price is $0.25 (25 cents) per New Share:

  • is the same issue price as the $4.5 million placement; and
  • represents a 18.2% discount to the volume weighted average price of Shares over the last 5 days on which sales of the Shares were recorded by ASX prior to the date of the announcement of the SPP on 11 November 2022.
  • It is intended that the funds raised from the SPP will be used towards:
    • Exploration and resource drilling and metallurgy on the Company’s two graphite Prospects at Sugarloaf and Lacroma
    • Kaolin & REE drilling at Caralue Bluff exploration and drilling on high priority graphite targets; and 
    • working capital.
 

Eligible Shareholders will also be able to access their Personalised Share Purchase Plan Application form online  at https://investor.automic.com.au/#/home.

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"The recent placement and SPP fully funds iTech’s exploration and resource development plans for the Company’s Campoona Spherical Graphite Project. Lacroma and Sugarloaf drill targets stand out as having high potential to significantly add to iTech’s current graphite resources. It also allows for resource drilling at the Calarue Bluff REE and Kaolin Prospect and metallurgical development towards a viable flowsheet for both high purity kaolin and REE products from a single resource.”

Details of the Plan are set out in the Terms and Conditions below and the personalised application form. iTech Minerals urges you to read these Terms and Conditions carefully and in their entirety before deciding whether or not to participate in the Plan. If you are uncertain whether New Shares are a suitable investment for you, then you should consult your financial or other professional adviser.

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