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DevEx Resources (ASX:DEV) to raise $17.2m for drilling activities

ASX News, Materials
ASX:DEV      MCAP $132.3M
17 August 2022 13:12 (AEST)

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DevEx Resources (DEV) has received firm commitments to raise $17.2 million through a placement to fund drilling at three of its projects.

The company will issue about 50.66 million new shares at 34 cents each, representing a 14.3 per cent discount to the five-day volume-weighted average price.

However, $2.2 million of the placement is subject to shareholder approval, after company directors subscribe to shares.

The funds will be directed towards its expanded drill program at its Nabarlek project in the Northern Territory.

In addition, the money will allow it to undertake follow-up drilling at the Junee copper-gold project in NSW and the Sovereign nickel-copper-PGE project in WA.

Managing Director Brendan Bradley said each of the projects have the opportunity for “company-changing” discoveries.

“With an exciting start to our drilling campaign at Nabarlek, this placement provides DevEx with the balance sheet to build exploration momentum at Nabarlek, alongside aggressive exploration campaigns at both the Junee and Sovereign projects,” he said.

Shares were trading 8.54 per cent lower today at 37.5 cents each at 1:11 pm AEST.

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