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- Battery Minerals (BAT) receives firm commitments to raise $2 million through a placement to fund its exploration programs
- The company will issue 300 million new shares at a price of 65 cents each
- The funds will be directed toward the Stavelyn Stawell project in Victoria, the Russels project in Western Australia, and for general working capital
- Shares plummeted 25 per cent today to 0.6 cents each at 12:10 pm AEST.
Battery Minerals (BAT) has received firm commitments to raise $2 million through a placement to fund its exploration programs.
The company will issue 300 million new shares at a price of 65 cents each.
While most of the shares will be issued under BAT’s placement capacity, the second tranche, intended for the company’s directors, will be subject to shareholder approval.
The funds will be directed toward the Stavelyn Stawell project in Victoria, the Russels project in Western Australia, and for general working capital.
In addition to these funds, the company is expecting to receive money from asset divestments and grant fundings, which will continue to support exploration activities.
Managing Director Peter Duerden said he was pleased with the placement.
“We appreciate the excellent support shown by our shareholders and new investors,” he said.
“We look forward to providing them with news of exploration success from our Stavely Stawell copper-gold project and Russells copper project and growing shareholder value.”
Shares plummeted 25 per cent today to 0.6 cents each at 12:10 pm AEST.
