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- Alicanto (AQI) receives firm commitments to raise $7 million to fund drilling programs at its Swedish projects
- The placement comprises around 53.8 million shares to be issued at 13 cents
- With the funds raised, AQI plans to complete the maiden inferred resource at the Sala silver-zinc-lead project which it said is on track to be published in the coming quarter
- The money will also assist in continuing exploration efforts at the Greater Falun copper-gold project where recent intersections provided further targets to test
- Shares were trading 3.4 per cent lower at 14 cents
Alicanto (AQI) has received firm commitments to raise $7 million to fund drilling programs at its Swedish projects.
The company said there was strong demand for the placement which comprises around 53.8 million shares at 13 cents each. The issue price is a 10 per cent discount to the five-day volume weighted average price.
With the funds raised, AQI plans to complete the maiden inferred resource at the Sala silver-zinc-lead project and drill for extensions and further lodes in the area.
According to the company, the JORC-compliant inferred resource is on track to be published in the coming quarter.
At the Greater Falun copper-gold project, the fresh capital will also assist the company in continuing exploration efforts following recent copper and gold intersections which have provided further targets to test.
Both projects are located in the mining region of Bergslagen which hosts world-class base and precious metals projects.
Moreover, Bergslagen is seen as a tier-1 jurisdiction based on its large mineralised systems.
Managing Director Peter George said the company has two “world-class” projects, and he believes the recent results from Sala highlight the size and nature of the mineral system.
The placement is expected to settle on November 22.
Shares were trading 3.4 per cent lower at 14 cents at 3:56pm AEDT.
