Falchion Gold-Antimony Prospect, Reynolds Range
HIGHLIGHTS
• Successful completion of placement to raise $2.0 million at $0.05 (5 cents) per New Share
• Placement was strongly supported by institutional, sophisticated and existing investors
• Share Purchase Plan (SPP) to be offered to eligible shareholders, on the same terms, to raise up to a further $1 million with the option to take oversubscriptions
• Funding will be used to undertake exploration for antimony and gold at the Company’s Reynolds Range Project, NT
• Drilling of the Company’s main antimony-gold prospects is planned for late October-early November this year
DETAILS
iTech Minerals Ltd (iTech or Company) (ASX: ITM) is pleased to announce that it has received firm commitments for A$2.0 million via a placement of 40 million new fully paid ordinary shares.
The Placement received strong support from new institutional and sophisticated investors and existing shareholders. The A$2 million Placement and $1 million share purchase plan to existing eligible shareholders provide funding for iTech’s upcoming exploration programs.
Funds raised from the Equity Raising will be principally used for:
- Drilling at antimony-gold prospects at Sabre and Falchion as well as drilling at Pine Hill Gold prospect & Reward Gold-Copper prospect- Reynolds Range;
- Detailed magnetic surveys and soil sampling over the antimony-gold areas to define new drill targets; and
- Working capital
This placement and subsequent SPP will fund iTech’s current exploration plans for its Reynolds Range Antimony-Gold Project in the Northern Territory. The Reynolds Range Project is producing some exciting high grade, antimony and gold targets, within a large-scale mineralised system, defined by a 6km by 2.5km antimony soil anomaly. The Company plans to drill test beneath high grade antimony and gold rock chips in the coming months.
In the latest Exploration Update, follow MD Mike Schwarz as he travels to the field to meet the geophysics team conducting the IP survey at the Sabre Prospect and also ‘ground-truths’ the historical drilling data to reveal a compelling new drilling target.
