WATCH: Managing Director Mike Schwarz’s message to shareholders about the successful Placement and upcoming SPP.
- Successful completion of placement to raise $4.5 million at $0.25 per New Share
- Shareholder meeting to be held in December to seek approval for second tranche of $0.9 million placement shares ($4.5 million in total)
- Share Purchase Plan to be offered to eligible investors, on the same terms, to raise up to a further $2 million
- Funding will be used to undertake exploration and resource drilling at the company’s two graphite prospects
o Sugarloaf Graphite Prospect with an Exploration Target of 158 – 264 Mt @ 7 – 12 % TGC and
o Lacroma Graphite Prospect which extends over and area of 6 km by 3km with a drill intersection of 60m @ 6.8% TGC
- Funds will also be used to undertake resource drilling at the Caralue Bluff REE and Kaolin Prospect which has an Exploration Target of 110 – 220 Mt @ 635 – 832 ppm TREO and 19-22% Al2O3
iTech Minerals Ltd (iTech or Company) (ASX: ITM) is pleased to announce that it has received firm commitments for A$4.5 million via a placement (Placement) of 18 million new fully paid ordinary shares (New Shares).
The Placement received strong support from new institutional and sophisticated investors and existing shareholders.
The A$4.5 million Placement and $2 million share purchase plan to existing eligible shareholders (together, the Equity Raising) provide funding for iTech’s upcoming exploration programs. Funds raised from the Equity Raising along with existing cash of $3.4 million (30 September 2022) will be principally used for:
- Exploration, resource drilling and metallurgy on the Company’s two graphite prospects at Sugarloaf and Lacroma
- Resource drilling at the Caralue Bluff REE and Kaolin Prospect; and
- Working capital