- Anax Metals (ANX) taps investors for $4 million to accelerate development of its Whim Creek project in the Pilbara
- The company says it received firm commitments for a placement comprising 43.9 million shares offered at 9.1 cents each
- With the funds, ANX plans to complete a feasibility study for its majority owned Whim Creek project as well as progress near mine, gold and platinum exploration
- Company shares resumed trade today and were up 3.3 per cent trading at 9.4 cents at 1:25 pm AEDT
Anax Metals (ANX) has tapped investors for $4 million to accelerate the development of its Whim Creek project in the Pilbara.
Emerging from a trading halt, the materials stock announced it received firm commitments for a placement which will comprise 43,956,044 shares offered to
institutional, sophisticated and professional investors at 9.1 cents each.
The issue price represents the market price of the company’s shares at the close of trading on February 7, prior to the trading halt.
Anax plans to use the funds to complete the Whim Creek definitive feasibility study, progress near mine, gold and platinum exploration and assess other potential opportunities.
With site works completed at Whim Creek over 2021, Managing Director Geoff Laing said the company has a great platform for its future development plans.
“Since acquiring an 80 per cent interest in the Whim Creek project, the Anax team has delivered the leveraged outcomes the company strategy outlined,” he said.
“We look forward to delivering a Definitive Feasibility Study while ramping up exploration and growth activities,” he said.
The placement shares are anticipated to be allotted on or around February 16.
Company shares resumed trade today and were up 3.3 per cent, trading at 9.4 cents at 125 pm AEDT.