WATCH: Managing Director Mike Schwarz’s message to shareholders about the successful Placement and upcoming SPP.
SUMMARY
- 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
"This placement and subsequent 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
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
3D view looking NW across the Campoona Project showing the relative sizes of the drill targets.
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