Sovereign Metals (SVM) has tapped institutional investors for a tidy $8 million in a placement backed by Sprott Group affiliates
Sovereign offered up 20,000,000 new company shares at 40 cents apiece under the placement, with a one-for-two unlisted option attached to each
The fresh capital is set to fuel exploration and drilling endeavours at the company's flagship rutile Kasiya deposit in Malawi
The news also follows a new discovery target within the region, which Sovereign says shows high-grade mineralisation and touts a nine-kilometre strike lengthSovereign is trading steady at 45 cents per share on Tuesday morning
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