Oversubscribed Share Placement and Equity-funded Drilling Contract
Highlights
Firm commitments received for A$1.82M (before costs) in an oversubscribed share placement to sophisticated and professional investors of DJ Carmichael Pty Limited.
28,000,000 shares to be issued in a single tranche at $0.065 per share with a 1 for 2 free attaching listed option exercisable at $0.10 on or before 30 November 2018.
Top Drill Pty Ltd contracted for a 20,000m RC drilling program with 50% of costs taken as equity and escrowed for 6 months from date of issue. Issue price determined as 5 day VWAP immediately following completion of program, and subject to shareholder approval.
Proceeds from the share placement will be used to advance the Turner River and Indee Projects, specifically:
o Finalising the Scoping Study and initiating Pre- Feasibility Study activities.
o Resource expansion RC drilling with emphasis on defining additional oxide resources
o Diamond drilling for metallurgical test worko Aircore drilling over priority resource targets at Turner Rivero A structural appraisal of the Mallina and Wingina shear zoneso Advancing geochemical targets
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