It is definitely unique lets say for a company with this amount of SOI to have such a low average volume traded .
A Good well written Bullish release in Proactive Investors today .

Pure Minerals raises $4.4 million to support TECH Project with strong demand from institutional and sophisticated investors

Pure Minerals Ltd (ASX:PM1) has received firm commitments from institutional and sophisticated investors to raise $4.4 million via a share placement of more than 293 million fully paid ordinary shares at an issue price of 1.5 cents per share.

Funds raised will support pilot plant activities for the company’s Townsville Energy Chemical Hub (TECH) Project in Queensland.

The placement was strongly supported with demand significantly in excess of funds sought by the company.

“Funding essential workstreams”

Proceeds will be used for pilot plant activities for the TECH Project, commencement of a bankable feasibility study and project approvals as well as corporate and admin costs and working capital.

Pure Minerals chief executive officer Stephen Grocott said: “We continue to gain momentum with a number of potential offtakers for the TECH Project.

“It is important that we operate the pilot plant to demonstrate the TECH Project flowsheet on our New Caledonian ore and to generate product samples for testing by these groups.

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