- Bryah Resources (BYH) has received binding commitments to raise $1.3 million via a share placement
- More than 21.6 million new shares will be issued to sophisticated and professional investors at six cents
- This price represents a 16.1 per cent discount to the 15-day volume-weighted average price of 7.1 cents
- Additionally, more than 10.8 million attaching options will be issued, with participants to receive one free attaching option for every two shares issued
- Bryah will use the funds to undertake exploration activities at its gold and copper prospects at its Bryah Basin Project in Western Australia
- Bryah has ended the day a slight 1.56 per cent in the green with shares trading at 6.5 cents
Bryah Resources (BYH) has received binding commitments to raise $1.3 million via a share placement.
All up, 21,666,667 new shares will be issued to sophisticated and professional investors at six cents.
This price represents a 6.25 per cent discount to Bryah’s last closing price of 6.4 cents, and a 16.1 per cent discount to the 15-day volume-weighted average price 0f 7.1 cents.
Additionally, 10,833,333 attaching options will be issued, with participants to receive one free attaching option for every two shares issued.
These options will have an exercise price of nine cents and will expire on January 31, 2023.
Bryah will use the funds to undertake exploration activities at its gold and copper prospects at its Bryah Basin Project in Western Australia.
“The successful completion of this placement will see the company holding $2.3 million in cash available to apply to the company’s continuing exploration efforts in the Bryah Basin,” Managing Director Neil Marston said.
“With these funds, the company expects to ramp up copper and gold exploration in the Bryah Basin and at Gabanintha in 2021,” he added.
Bryah has ended the day a slight 1.56 per cent in the green with shares trading at 6.5 cents in an $8.571 million market cap.