- Dreadnought Resources (DRE) is set to raise $3 million through a heavily oversubscribed placement
- Over 166.6 million shares will be issued at 1.8 cents — representing a 5 per cent discount to the 15-day volume-weighted average price
- Majority of the funds will be used for drilling at the Tarraji-Yampi Project in WA
- Around $800,000 will be allocated towards target definition work at the Illaara and Mangaroon projects
- Furthermore, Dreadnought is looking to raise an extra $500,000 through a share purchase plan
- Between April 16 and April 30, eligible shareholders may apply for up to $5000 worth of shares at 1.8 cents
- Company shares are up 5 per cent and trading at 2.1 cents
Dreadnought Resources (DRE) is set to raise $3 million through a heavily oversubscribed placement.
The placement will issue 166,666,667 shares at 1.8 cents per share, which represents a 5 per cent discount to the 15-day volume-weighted average price.
Dreadnought will use most of the money for diamond and reverse circulation drilling at the Tarraji-Yampi Project in the Kimberley region of WA.
Specifically, drilling will focus on the Texas and Orion, Fuso and Paul’s Find and Chianti-Rufina targets within the project.
Around $800,000 will be allocated towards target definition work at the Illaara and Mangaroon projects.
“Dreadnought is now fully funded to deliver planned drilling programs for 2021. With drilling ongoing at Illaara and field programs commencing in the Kimberley and Mangaroon, there will be a constant stream of results for the rest of 2021,” Managing Director Dean Tuck said.
The placement is expected to be completed on April 16.
Along with the placement, the ASX-listed miner is launching a share purchase plan to raise an extra $500,000. Eligible shareholders will be given the opportunity to apply for up to $5000 worth of new shares at 1.8 cents per share.
The share purchase plan will be open from April 16 to April 30.
Company shares are up 5 per cent and trading at 2.1 cents at 11:36 am AEST.