- Boab Metals (BML) successfully raises $5.5 million to kickstart development of the Sorby Hills lead-silver-zinc project in Western Australia’s Kimberley region
- Approximately 19.6 million shares were issued via a placement at 28 cents a piece, a 13.8 per cent discount to the closing price of the company’s shares on November 23
- Funds will specifically go towards the planned front end engineering design and detailed design of the process plant and onsite early works commencement
- The company expects to deliver its DFS results in the next coming weeks and reach a final investment decision (FID) in H1 2023
- Shares in Boab Metals are down 4.62 per cent, trading at 31 cents at market close
Boab Metals (BML) has successfully raised $5.5 million to kickstart development of the Sorby Hills lead-silver-zinc project in Western Australia’s Kimberley region.
Approximately 19.6 million shares were issued via a placement at 28 cents each, a 13.8 per cent discount to the closing price of the company’s shares on November 23.
The funds raised will specifically towards the planned front end engineering design and detailed design of the process plant, commencing early onsite early works and finalising the independent technical due diligence.
Managing Director and CEO Simon Noon said the ongoing strategy has been to advance project execution workstreams in parallel with the completion of the definitive feasibility study (DFS).
“In particular, the opportunistic acquisition of the accommodation camp demonstrates the benefit of our parallel approach and represents a significant saving to the project relative to a new camp,” Mr Noon said.
“The modest placement is consistent with our strategy and together with finalising payment for the camp, will allow the company to bring forward key elements of the project development timeline.”
Shaw and Partners acted as lead manager and book-runner to the placement with Euroz
Hartleys acting as co-manager to the placement.
The company expects to deliver its DFS results in the next coming weeks and reach a final investment decision (FID) in H1 2023.
Shares in Boab Metals were down 4.62 per cent, trading at 31 cents at market close.