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- Alicanto Minerals (AQI) has received firm commitments to raise $1.425 million for exploration activities in Sweden and Guyana, and for general working capital
- The company will issue over 25.9 million fully-paid ordinary shares to sophisticated and professional investors at 5.5 cents each
- Alicanto has also welcomed Ray Shorrocks to the board as Non-Executive Chairman after former Chairman, Didier Murcia stepped down
- Ray was previously Chairman at ASX-listed Bellevue Gold and is currently the Chairman of Galilee Energy and Auteco Minerals
- Current CEO, Peter George has joined the board as Managing Director and two Non Executive Directors have resigned
- In addition to the placement, Alicanto will issue up to 27 million unquoted options to management, consultants and advisors and 10 million unquoted options to Mr Shorrocks
- Furthermore, the company hopes to issue up to 19 million unquoted options after the placement and if shareholders approve
- Company shares have soared 56.3 per cent and are trading for 12.5 cents
Alicanto Minerals (AQI) has received firm commitments to raise $1.425 million for exploration activities in Sweden and Guyana, as well as for general working capital.
The company will issue 25,909,090 fully-paid ordinary shares to sophisticated and professional investors at a price of 5.5 cents each.
The new shares are expected to be issued on or around August 14.
Additionally, Alicanto has announced some changes to its board.
Ray Shorrocks has joined the board as a Non-Executive Chairman after former Chairman, Didier Murcia stepped down. Mr Murcia will however, remain a Non-Executive Director.
Ray brings over 27 years’ experience in corporate finance and has advised a diverse range of mining companies during his career.
He previously held the role of Chairman at ASX-listed Bellevue Gold and is currently the Chairman of Galilee Energy and Auteco Minerals. Ray is also a Non-Executive Director of Cygnus Gold.
Current CEO, Peter George has joined the board as Managing Director. Lastly, Travis Schwertfeger and Hamish Halliday have both resigned from their Non-Executive Director roles, effective immediately.
In addition to the placement, Alicanto will issue up to 27 million unquoted options to management, consultants and advisors. Separately, the company will issue 10 million unquoted options to Mr Shorrocks.
The options will be exercisable at 10 cents each and will expire after five years.
Subject to completion of the placement and receiving shareholder approval, Alicanto also intends to issue up to 10 million unquoted options to advisors in consideration for corporate advisory services to the company in four equal tranches.
Additionally, the company hopes to issue up to nine million unquoted options exercisable at 10 cents each and expiring five years from when it was granted.
A total of two million options will go to Didier Murcia, four million options will go to corporate consultants and three million options will go to Peter George.
Company shares have soared 56.3 per cent and are trading for 12.5 cents each at market close.
