- DevEx Resources (DEV) has received firm commitments to raise just under $8 million for expanded exploration work at its WA, NSW and Northern Territory projects
- The company raised the additional $7.97 million in capital via a share placement, with investors offered DEV shares at 32 cents each
- The extra cash gives DevEx a total cash balance of around $17.6 million and the company stated it will use the funds on its 2021 work program
- This includes expanded aircore drilling at the Sovereign Nickel-Copper-PGE Project, which is located near Chalice Mining’s (CHN) Julimar discovery in WA
- DEV will also carry out expanded drilling programs at the Wilga Downs Gold-Base Metals Project and its Junee Copper-Gold Project, both in NSW
- Finally, the company has flagged using some of the capital raise funds on renewed field exploration at the Nabarlek Uranium and Gold-Copper Project
- Shares in DevEx Resources are trading up 9.59 per cent at 40 cents each
DevEx Resources (DEV) has received firm commitments to raise just under $8 million for expanded exploration work at its WA, NSW and Northern Territory projects.
The company raised the additional $7.97 million in capital via a share placement, with sophisticated and professional investors offered DEV shares at a price of 32 cents each.
A total of 24.9 million shares will be issued under the placement, with the issue date set for June 3, while the shares should begin trading on the ASX on June 4.
All up, the extra cash from the placement will give DevEx a total cash balance of around $17.6 million.
The materials stock plans to use some of those funds for its 2021 work program, which includes expanded aircore drilling at its Sovereign Nickel-Copper-PGE Project.
Sovereign is located near Chalice Mining’s (CHN) Julimar discovery in WA and DevEx recently began receiving results from its maiden drilling campaign at the asset.
“Air-core drilling is continuing in the Julimar Region, where we believe we are continuing to systematically close-in on a potential discovery,” DevEx’s Managing Director Brendan Bradley said.
“The recent drilling success of our neighbour, Caspin Resources, gives us further encouragement and we are now stepping up shallow air-core drilling and EM surveys with a view to defining drill targets within the mafic-ultramafic intrusion,” he added.
DEV will also carry out expanded drilling programs at the Wilga Downs Gold-Base Metals Project and its Junee Copper-Gold Project, both of which are located in NSW.
Additionally, the company has flagged carrying out renewed field exploration at the Nabarlek Uranium and Gold-Copper Project in the NT as the uranium market continues to improve.
“The resurgence of the uranium sector has put the spotlight back on our world-class exploration targets around the historic high-grade Nabarlek Uranium Mine,” the MD said.
“We will be back in the field shortly to advance these targets and hopefully move them to the drilling stage in an expeditious manner,” he said.
Shares in DevEx Resources are trading up 9.59 per cent at 40 cents each at 10:58 am AEST.