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- Investigator Resources (IVR) raises $4.2 million via a share placement to advanced its exploration activities
- The placement will see 100 million shares issued at 4.2 cents each, representing a 16 per cent discount to the company’s last trading price of five cents
- The funds raised will be used for development studies and exploration activities at the Paris silver project in South Australia and the Molyhil tungsten project in the Northern Territory
- Managing Director Andrew McIlwain says the company’s key focus and priority remain on the advancement of Paris towards completing the definitive feasibility study
- Shares in Investigator are down eight per cent, trading at 4.6 cents as of 2:50 pm AEDT
Investigator Resources (IVR) has raised $4.2 million via a share placement to advance its exploration activities.
The company received firm commitments from institutional and sophisticated investors, along with exempt investors and major shareholder, Jupiter Asset Management.
The placement will issue 100 million shares at 4.2 cents each, representing a 16 per cent discount to the company’s last traded price of five cents.
Participants will also receive one option for every two shares subscribed with an exercise price of 6.3 cents, a 50 per cent premium to the share issue price, expiring in March 2025.
The funds raised will be used for development studies and exploration activities at Investigator’s wholly owned Paris silver project in South Australia, as well as regional exploration and initial work at the Molyhil tungsten project in the Northern Territory.
Managing Director Andrew McIlwain thanked the company’s shareholders and said planning this raise to support its “ambitious” 2023 work program has been under consideration for some time.
“Whilst there is rarely a “perfect” time to come to market, Investigator’s directors took the pragmatic view not to start 2023 with investors knowing that a raising of funds during the year would be likely,” Mr McIlwain said.
“With this raising adding to our current cash balance, we can focus on delivering the key exploration outcomes planned in 2023.”
Mr McIlwain also said the company’s key focus and priority remain on the advancement of the Paris project towards the completion of the definitive feasibility study (DFS).
“This highly successful placement continues to demonstrate the demand for exposure to
Investigator’s silver story and we are particularly appreciative of the support extended by
existing shareholders and welcome new shareholders to the company.”
Drilling of the Paris resource extension is underway, with results anticipated early Q1 2023. On completion of the current Paris drilling, exploration at Apollo will commence.
Shares in Investigator were down eight per cent, trading at 4.6 cents as of 2:50 pm AEDT.
