Ann: Fully Underwritten A$50.3 million Conditional Placement, page-15

"successful completion of a fully underwritten A$50.3 million conditional placement at A$0.005 per share"

"part of a broader recapitalisation to extinguish all debt and provide funding for a revised exploration and resource definition drilling strategy"

"strong support was received from key stakeholders, including A$15 million from Tembo Capital Holdings, the company’s largest shareholder"

"A$6million from Regal Partners, the company’s second largest shareholder"

"Glencore Australia Holdings is to become a 9.9% shareholder"

"funds from the conditional placement will be used to retire the secured debt owed to Nebari Natural Resources Credit Fund II"

"Paul Cronin, co-founder and previous Managing Director of Adriatic Metals, is proposed to be appointed as Non-Executive Chairman"

"he has committed to participate for A$500,000"

"Bevan Jones is to remain Managing Director"

"has committed to participate for A$100,000"

"revised business strategy is to pause operational ramp up and undertake an extensive exploration and resource definition drilling campaign"

"company intends to offer eligible existing shareholders the opportunity to participate in a share purchase plan to raise up to a further A$5 million"

"same offer price as the conditional placement"

"drilling is to commence in Q1 2025"

"post re-listing will undertake an initial RC drill program at Cloncurry before commencing drilling at Mt Oxide as soon as seasonal conditions permit"

https://mining.beehiiv.com/p/jim-s-mining-letter-november-26-2024

Worth reading