Join our daily newsletter At The Bell to receive exclusive market insights
- Strike Resources (SRK) is set to pocket $5 million to ramp up production and advance development at its Apurimac Project in Peru and Paulsens East project in Western Australia
- The company rounded up sophisticated and professional investors with 22,865,732 shares on offer at $0.22 each
- The funds are hoped to increase SRK’s annualised sales of high-grade director shipping ore (DSO) from 125,000 to 250,000 tonnes per annum Apurimac Iron Ore Project
- Meanwhile, funds allocated to Paulsens East are geared to facilitate long-lead-time items and pre-construction activities, with a final investment decision expected for the third quarter of this year
- Strike Resources shares are down 1.96 per cent to trade at 25 cents
Strike Resources (SRK) is set to pocket $5 million to ramp up production and advance development at its Apurimac Project in Peru and Paulsens East project in Western Australia.
The company tapped investors for the funds via a capital raise offering up 22,865,732 shares to sophisticated and professional investors at an issue price of $0.22 each.
The fresh capital is hoped to increase targeted annualised sales of high-grade director shipping ore (DSO) from 125,000 to 250,000 tonnes per annum at the Apurimac Iron Ore Project.
To do this, Strike said it had brought in an additional higher capacity crushing plant and has flagged plans to bring in up to 80 haulage trucks, with 30,000 of ore targeted to be on ship in July this year.
The company has also received funding to facilitate long-lead time items and pre-construction activities at Paulsens East and has tabled a final investement decision expected for the third quarter of this year.
Strike Resources shares are down 1.96 per cent to trade at 25 cents at 12:40 pm AEST.
