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- Parabellum Resources (PBL) taps investors for $3.9 million to fund its work programs in both Mongolia and Australia
- New and existing, domestic and international investors put their hands up for a placement comprising 19.5 million shares at 20 cents each
- The raise will fund a work program aimed at completing a scoping study to demonstrate the economic viability for PBL’s Khotgor rare earth element project in Mongolia
- Over the next year, PBL has planned approximately 2000 metres of sample drilling to obtain bulk metallurgical samples for the study
- Parabellum shares are trading down four per cent at 25 cents at 10:45 am AEST
Parabellum Resources (PBL) has tapped investors for $3.9 million to fund its work programs in both Mongolia and Australia.
New and existing, domestic and international investors put their hands up for a placement comprising 19.5 million shares at 20 cents each.
Under the first tranche of the placement, 6.4 million shares will be issued pursuant to the company’s existing 15 per cent placement capacity, while the remainder of the shares under tranche two are subject to shareholder approval.
Parabellum is eyeing the fresh capital to fund its work program aimed at completing a JORC compliant scoping study to demonstrate the economic viability for its Khotgor rare earth element project in Mongolia.
The project hosts mineralisation close to surface within multiple vein systems up to 20 metres thick and currently drilled to 200 metres below surface.
Over the next year, PBL has planned approximately 2000 metres of sample drilling to obtain bulk metallurgical samples for a JORC feasibility study that is currently scheduled to commence in 2023.
The company is looking to undertake mine designs and pit optimisation, as well as comminution, flotation and hydrometallurgical testwork in Australia to a JORC standard.
An environmental impact study is also set to begin next year and in this vein, PBL plans to start environmental baseline studies and site monitoring programs.
Parabellum’s Non-Executive Chairman Mark Hohnen said the company is delighted with the level of support received in relation to the Khotgor project.
He said demand for the capital raising “significantly” exceeded the funds being sought and as such he thanked existing shareholders for their continued support, and welcomed new shareholders to the Parabellum share register.
Parabellum shares were trading down four per cent at 25 cents at 10:45 am AEST.
