- Desert Metals (DM1) to raise $2.7 million via an institutional placement to accelerate exploration efforts in the emerging Narryer terrane of WA
- The placement will see around 8.18 million shares at 33 cents per share, with an attaching option with every two shares purchased exercisable at 50 cents
- The options expire on or before three years from the issue date and will be issued at a later date subject to shareholder approval
- Funds from the placement will be spent on the company’s three main projects, Belele, Innouendy and Dingo Pass
- DM1 shares are down 9.09 per cent and trading at 39 cents per share
Desert Metals (DM1) announces $2.7 million placement to speed-up exploration efforts in the emerging Narryer Terrane of WA.
Under the placement, the company will issue around 8.18 million shares at 33 cents each, with an attaching option with every two shares purchased exercisable at 50 cents, expiring on or before three years from the issue date.
The options will be issued at a later date subject to shareholder approval.
Funds from the placement will be spent on the company’s three main projects, Belele, Innouendy and Dingo Pass. This is inline with Desert’s exploration strategy targeting new nickel, copper and platinum-group elements.
Recent drilling has intersected volcanogenic massive sulphide (VMS) style mineralisation in multiple holds at Belele and aircore drilling at Innouendy has identified a large zone of mafic rocks adjacent to anomalous PGE mineralisation and historic nickel anomalism.
Company shares have now been lifted from the trading halt following this announcement are were down 9.09 per cent, trading at 39 cents per share at 11:55 am AEDT.