- West Australian exploration company Dreadnought Resources (DRE) successfully completes its placement and raises $8 million
- The money will be raised through the issue of 226 million shares to institutional and sophisticated investors at 3.5 cents
- Subject to shareholder approval, company directors will contribute nearly $159,000 to maintain a 15 per cent ownership
- Dreadnought will use the money to follow on from the recent successes at the Tarraji-Yampi, Illaara and Mangaroon projects
- Dreadnought is up 2.70 per cent on the market with shares trading at 3.8 cents at 11:03 am AEST
West Australian exploration company Dreadnought Resources (DRE) has successfully completed its placement and raised $8 million.
The company entered a trading halt on September 10 but did not disclose how much it intended to raise or what it would use the funds for.
The $8 million will be raised through the issue of 226 million shares to institutional and sophisticated investors at 3.5 cents.
This price represents a 5.5 per cent discount to Dreadnought’s last closing price of 3.7 cents on September 13.
Subject to shareholder approval, Directors will contribute $158,699 to maintain a 15 per cent ownership.
Upon completion, their total investment will be roughly $1.46 million.
Dreadnought will use the money to follow on from the recent successes at the Tarraji-Yampi, Illaara and Mangaroon projects.
Specifically, reverse circulation (RC) drilling will be undertaken at the Orion, Grant’s Find and Fuso targets, and target definition work will be carried out at the Peggy Sue Prospect.
Managing Director Dean Tuck is pleased with the support received.
“Dreadnought is aiming to deliver a number of maiden resources over the coming year. These include the rare earths at Yin, high-grade gold at Metzke’s Find and iron ore at Kings,” Mr Tuck commented.
“In addition, drilling will recommence at Tarraji-Yampi by 30 September 2021 to follow up on the massive sulphides at Orion Fuson and Grant’s Find and to complete other high priority activities during the current field season.”
“We will also be advancing several earlier stage targets such as the Peggy Sue Lithium-Caesium-Tantalum prospect and the Rought Triangle Copper-Silver-Lead-Bismuth.”
Dreadnought was up 2.70 per cent on the market with shares trading at 3.8 cents at 11:03 am AEST.